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bottoming action for the start of a big rally


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#101 senorBS

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Posted 20 July 2018 - 12:51 PM

Also had not looked at weekly gold whose RSI is nearing or at both Dec 2015 and Dec 2016 oversold levels where bueno bottoms were made, and add yesterdays daily bullish RSI divergence (looks muy bueno) from early July and 7% DSI and all I can say is got gold/miners? No guarantees except death/taxes and as always DYODD

 

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#102 Russ

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Posted 20 July 2018 - 02:33 PM

The dollar index has been trying to get above the 95 area since last Oct. and is now caving in again, maybe it will get over that resistance eventually, just not now.

too early for me to come to conclusions. however , trump on the news saying he doesnt want high usa interest rates.  dollar looks to have put in a h&s top. miners continue to show strength vs the metal dsi =7 hgnsi=-8.7% sentiment continues to be encouraging. however, the dollar  continues to be strong against the indian rupee. so indians are not in the gold market in a significant way. gold is still expensive for them.  w/the yuan taking it on the chin it might be the same type of situation in china.  i did buy back an ng position this am, not investment advice due your own dd.  

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#103 dharma

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Posted 20 July 2018 - 02:44 PM

now this   cot to my eyes is significant http://news.goldseek.../1532114843.phpopen interest has been expanding indicating and confirmed w/this cot that the bait the large specs have been shorting this thing in a big way.  and the commercials went long a significant # of contracts.  this has improved the bulls case in silver the large specs are moving towards balanced while the commercials cut shorts and added longs. and the commercials have a significant short dollar position

 

yes, the rsi readings on the weekly charts of gold are down in areas where bottoms have occurred . significant bottoms.  i like the action here. not going to front run the market . let a 5 wave advance play out. then wait for wave 2

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#104 Russ

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Posted 20 July 2018 - 03:54 PM

NUGT biggest weekly volume in 5 years.... 


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#105 Smithy

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Posted Yesterday, 01:07 PM

COT review

Gold futures OI jumped 5% this week, money moving into gold and out of stocks/bonds.

Comms have the lowest % bears since Dec 2015 bottom, this is consistent with a low but it can always get more extreme.

In other words, the more dry powder they have to short gold, the more bullish it is.

 

Silver OI remains consistent with the possibility of a very big short squeeze at some time in the future.

 

Comments welcome.



#106 SemiBizz

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Posted Yesterday, 03:01 PM

Open Interest went UP

 

Price went DOWN

 

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