this rally we had after fed meeting is not looking so impressive anymore. there should have been immediate and unrelenting follow through, instead it looks like we are going to get a lump of coal for xmas while everyone else will be getting 1000 iphones and 20,000bitcoins.
the fed meeting rally must have been short term short covering.
i guess to get everyone in the gold market the most bearish we need to take out the december 2016 low in the HUI of 160....go slightly under there and then reverse hard up and fast to new highs.
in some sense however that seems too predicable because it is the same thing that happened at the end of 2015.
in the first half of January 2015 the gold miners plunged fast in capitulation, but why ????? at that time the sp500 was in a very bearish selloff as well... and what sucks now is that the US Stock market is at very high risk of some type of nasty pullback but it probably wont happen until very close to end of year... so it would seem the stock market may pull the miners down again into early january for similar setup.
I like the look and structure of the rally, frankly for me I could not ask for more, I guess we all look at different things different ways. I don't expect a launch this time of year, frankly would prefer a solid and stead up move into tr end which I think is what we will likely get, we see
Senor
i agree w/senor. i have seen the last quarter post weak demand from china/india. and then as a result the commercials leaned on the market and it gave way. i expect todays cots to show even more improvement . we are coming into chinese buying season for the new year. i look for a strong january. this interview is well worth the listen. http://www.kitco.com...-Ideal---Part-1
dharma we have either finished or are still in wave 1 i dont see this as a strong position for a rocket. later on it will occur. after all in the big picture this should be wave 2-recognition,, which i think comes in at or near the highs of 11