405 replies to this topic

[Russ]

Russ, looks like another nice 5 up and near term correction underway, could work somewhat lower next week but a bullish pattern IMO

yes and M top on the GDX now heading into the C wave as Gannman said... 

 

 

[dharma]

 

And what I think this rally from Mar 15 is a b wave and now we head into a c to complete wave 2

tend to agree with that

 

Senor

 

yes, that is a real possibility,  will use this as an opportunity to shop. once it is oversold on the hourlies.  maybe not today. we shall see . 

the complex has looked and still looks very constructive to me.  4/23 french elections may be a non event . the big thing for me is the fed is trapped.   they desperately need rates @3% to have room to lower for the next recession which i see is not too far in the distance. euro bonds are being sold , the interest rate differential to the buck.  what will draghi do? negative rates have not stimulated the economy.  when does he realize this???  

dharma

[dharma]

“By most objective measures, we are deep into the longest period ever of excessively easy monetary policy,” said Stanley Druckenmiller. Bloomberg reports that Druckenmiller sees the U.S. in the biggest and longest dovish deviation from historical norms during his entire career. His solution? “Some regard it as a metal, we regard it as a currency and it remains our largest currency allocation.”

i have bids in! adding

dharma

[Smithy]

Great quote.

[johngeorge]

I remain bullish and was buying at the end of the day.  

[tradesurfer]

Armstrong: 3/28/2017

 

There is nothing close to provide any sort of a buy signal in gold on a more profound basis. Gold would have to exceed the 1340 area to be impressive. Technical resistance for this week stands at 1269. We did elect a Quarterly Bearish Reversal from the 2016 high. The next one is at 1140 level, so that is not close either. We would need a Quarterly closing above 1347 to generate a buy signal on Friday. So nothing has changed. We still cannot rule out a slingshot where we dip just below the $1,000 level and then swing dramatically higher. We need that propulsion to be impressive for the future, otherwise the rally may not be as impressive as one would hope.

We have a Daily Bullish at 1276. The February high was 1264.50. Therefore, a 3 month reaction from the December low would be March. Therefore, we can still make a new high above February this week, but watch the 1276 area followed by 1292 and the 1338.

The 2017 Gold Report will be available shortly after the close on this week.

[Russ]

 

Armstrong: 3/28/2017

 

There is nothing close to provide any sort of a buy signal in gold on a more profound basis. Gold would have to exceed the 1340 area to be impressive. Technical resistance for this week stands at 1269. We did elect a Quarterly Bearish Reversal from the 2016 high. The next one is at 1140 level, so that is not close either. We would need a Quarterly closing above 1347 to generate a buy signal on Friday. So nothing has changed. We still cannot rule out a slingshot where we dip just below the $1,000 level and then swing dramatically higher. We need that propulsion to be impressive for the future, otherwise the rally may not be as impressive as one would hope.

We have a Daily Bullish at 1276. The February high was 1264.50. Therefore, a 3 month reaction from the December low would be March. Therefore, we can still make a new high above February this week, but watch the 1276 area followed by 1292 and the 1338.

The 2017 Gold Report will be available shortly after the close on this week.

 

Thanks for posting Armstrong's gold report TS, seems he is still not too enthusiastic on it.

Edited by Russ, 28 March 2017 - 11:20 PM.

[dharma]

could be forming a rt shoulder of an inverted h&s pattern. to be symmetrical it could go to 1225.

beginning of may has some important cycles coming in

in april we have the french elections and the debt ceiling in the usa 

under the weather

dharma

[senorBS]

I am looking at individual miner charts as well as there have been some excellent ones to follow like the CDE and HL ones I posted about 1-2 weeks ago. Now I have another interesting one in a stock that has been crushed the past 6 weeks or so - KLDX:

 

with the continued decline it now appears KLDX is tracing out a huge ABC decline from the Sep 22, 2016 high at 6.03. At a minimum the C wave needs to go below the Dec. 20 wave A bottom at 3.91. The wave C decline would equal the wave A decline at 3.79, there is also an unfilled gap from last June at 3.65-3.75 that might be filled - so I'd be looking closely at 3.65-3.79 as a potential big picture downside completion target area

 

GG is another stock to watch closely as a large ABC down from Dec - Feb rally could be in latter stages, 14.18 is the .618 retrace and 14.46 is the Wave A low, so looking for wave C to get below 14.48 (14.86 last) and possibly reach that 14.18 target area, we see

 

BSing away

 

Senor

Edited by senorBS, 29 March 2017 - 12:16 PM.

[johngeorge]

I am looking at individual miner charts as well as there have been some excellent ones to follow like the CDE and HL ones I posted about 1-2 weeks ago. Now I have another interesting one in a stock that has been crushed the past 6 weeks or so - KLDX:

 

with the continued decline it now appears KLDX is tracing out a huge ABC decline from the Sep 22, 2016 high at 6.03. At a minimum the C wave needs to go below the Dec. 20 wave A bottom at 3.91. The wave C decline would equal the wave A decline at 3.79, there is also an unfilled gap from last June at 3.65-3.75 that might be filled - so I'd be looking closely at 3.65-3.79 as a potential big picture downside completion target area

 

GG is another stock to watch closely as a large ABC down from Dec - Feb rally could be in latter stages, 14.18 is the .618 retrace and 14.46 is the Wave A low, so looking for wave C to get below 14.48 (14.86 last) and possibly reach that 14.18 target area, we see

 

BSing away

 

Senor

Thank you Senor for the ideas.  Very much appreciated.  Excellent, clear, and concise instructions on what to watch for.  I, for one, will be looking closely at those and doing my own do diligence.