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bottoming process continues


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#241 dougie

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Posted 07 January 2019 - 09:16 AM

Can someone show me a good impulsive count GDX for Sept lows to Oct highs?

#242 dharma

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Posted 07 January 2019 - 11:37 AM

approaching a time band where a correction will take place

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#243 senorBS

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Posted 08 January 2019 - 10:55 AM

HL looks like a key breakout last several days and headed above $3 and rapidly IMO, GREAT prod numbers from KL today, the new merger stock GOLD (ABX and Gold) has 5 up daily and weekly and this right now is a large pullback to prev 4th wave support area,interesting times, did some buying early this mornin



#244 dharma

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Posted 08 January 2019 - 11:02 AM

keep in mind gdx and hui both made outside reversal days on i believe it was 12/20 then consolidated , then continued to march higher . that pattern also just occurred in gold , i am looking for this correction to last at most till the 14th. after all we have rallied more than 100 its time for some consolidation . the sector looks good, strong. the broad market is in a counter trend move , that will end soon. 

this tidbit caught my eye https://www.newsmax....1/07/id/897089/china officially back buying gold about 20tons a month, couple that w/the other cbs that are buying and you have a base for demand  

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#245 senorBS

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Posted 08 January 2019 - 11:45 AM

keep in mind gdx and hui both made outside reversal days on i believe it was 12/20 then consolidated , then continued to march higher . that pattern also just occurred in gold , i am looking for this correction to last at most till the 14th. after all we have rallied more than 100 its time for some consolidation . the sector looks good, strong. the broad market is in a counter trend move , that will end soon. 

this tidbit caught my eye https://www.newsmax....1/07/id/897089/china officially back buying gold about 20tons a month, couple that w/the other cbs that are buying and you have a base for demand  

dharma

maybe and maybe not as far as a significant pullback/correction, I have been very lightly long so just going to very slowly add for now. GOLD (new Barrick) 38% retrace was near 12.40. 50% near 11.85, so will do some slow accumulating into a modest position, already own HL, restarted GDXJ at 30.35 this morning, would love to see  a larger pullback but not convinced at all, we see

 

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#246 dharma

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Posted 08 January 2019 - 12:37 PM

 

keep in mind gdx and hui both made outside reversal days on i believe it was 12/20 then consolidated , then continued to march higher . that pattern also just occurred in gold , i am looking for this correction to last at most till the 14th. after all we have rallied more than 100 its time for some consolidation . the sector looks good, strong. the broad market is in a counter trend move , that will end soon. 

this tidbit caught my eye https://www.newsmax....1/07/id/897089/china officially back buying gold about 20tons a month, couple that w/the other cbs that are buying and you have a base for demand  

dharma

maybe and maybe not as far as a significant pullback/correction, I have been very lightly long so just going to very slowly add for now. GOLD (new Barrick) 38% retrace was near 12.40. 50% near 11.85, so will do some slow accumulating into a modest position, already own HL, restarted GDXJ at 30.35 this morning, would love to see  a larger pullback but not convinced at all, we see

 

Senor

 

amigo, dont know how deep , but i do think we consolidate here. i am on the buy ,, but i am waiting a bit to see how this develops. i am long and dont feel pressed, the broad market will run out of gas here w/in days. lending a nice backdrop for the pms.  i want to see silver start to take out its monthly moving averages to be in a more bullish stance. in good time.  the sector looks good 100+in gold  silver double bottom. and the miners waking up.  the miners are  the best buy on the board imo.

dharma

did you see sumitomo entered into an agreement w/novo. now they too will support the share price., w/at the market stock purchases.  this could be a monster strike, it could also be a bust . somehow i believe hennigh is onto something. he has alot of respect and experience. having been head geologist@ a major!



#247 K Wave

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Posted 08 January 2019 - 12:43 PM

Watching GDX action here today...this could have been the last dip before the battle for 21 is won by the bulls....

 

But if bulls fail to reclaim and close back above 21 today, then possibly more corrective action first...

 

This is a massive pivot zone on GDX for the longer term here....once the the 21 floor is solidly reclaimed, bears should be toast....but until then, still have to alert for possible bull failure at key resistance zone...



#248 dharma

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Posted 08 January 2019 - 03:19 PM

Watching GDX action here today...this could have been the last dip before the battle for 21 is won by the bulls....

 

But if bulls fail to reclaim and close back above 21 today, then possibly more corrective action first...

 

This is a massive pivot zone on GDX for the longer term here....once the the 21 floor is solidly reclaimed, bears should be toast....but until then, still have to alert for possible bull failure at key resistance zone...

so far the low of the day touched the 200dma  above 21 right now. i am looking for this consolidation to last until the 14th at the longest.  

dharma



#249 K Wave

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Posted 08 January 2019 - 11:57 PM

Interesting video about current Gold Stocks valuation...

 

He makes the case that Gold stocks may be 50% undervalued currently...at an extreme low..

 



#250 dharma

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Posted 09 January 2019 - 12:14 PM

still thinking a few more days of consolidation, although w/the dollar falling out of bed , it could end sooner than i think

the thing w/the miners is , they go in and out of favor. when out of favor, like now a double from here is reasonable valuation, this sector is very volatile w/a loose correlation to the metal . the backdrop keeps improving.   either the piper is paid or the governments renege on their debts, each poses interesting circumstances

dharma