32 replies to this topic

[mss]

As always comments are welcome and trade at your own risk mss

[hiker]

appreciate your updated charts and thoughts, as always. - Steve

[TomD]

There are a lot of "uncontrolled" variables out there that standard TA has yet to digest Will the ECB cut rates? Evrybody is yelling for it but nobody expects it...a potential negative surprise With Greenspan talking opening about raising rates does that mean a stronger than expected jobs report most gold commentary I have read are expecting a benign reolution to the Wasington Agreement...if the result is higher quotas than expected? the HUI is overly influenced by NEM and FCX...a lot of juniors are at critical support...further weakness in gold will see a lot of traingle being resolved to downside BUT on the whoe the price action for POG and the indexes are within the realm of corrections....so my bias is still to look for entry...but I would like to see some blood on the streets and some real moaning on the bull boards....I find when people start cursing the Sinclair's et al instead of deifying him...that entry points are near at hand.....that is not happening yet.

[PMILLY]

I agree with TomD that patterns look corrective. True, they have been trending down since December, but many charts such as BGO, NEM, ABX, etc. look as if they are forming pennants, flags, and other patterns that once resolved mean higher prices down the road. For the meantime, patience seems necessary if you are a longer term trader. Otherwise, there are lots of ST trading opportunities as stockbucks and skott have proved over the past weeks. Pmilly P.S. By the way, I think I heard on the news this morning that the ECB left rates unchanged. Can anyone confirm that?

[SilentOne]

ECB did leave rates unchanged @ 2.0% eom

[hiker]

And Bank of England left unchanged at 4%.

[skott]

I think if gold stays above 391.75 gold stocks will have a bullish tone today but I think it will be a weak move 1- 1.5% and I don't think it will hold all that today. To me it looks like things are setting up for a modest rise today but I am still looking for shorting opportunities. Intermediate sell is still on. scott

[stockbucks_coffee]

Thanks for the great charts Mss. comparing the 2 charts...stocks/indexes (xua/hui) topped in Dec. while comex gold topped in mid Jan. So stocks/indexes have already gone down while comex gold is going down. also there's divergence where stocks/indexes (xau/hui) are making higher lows (no higher highs yet) while comex gold is making lower lows. so stocks/indexes made be outperforming comex gold instead. not saying that stocks/indexes are going up but that if one is going to buy then buy stocks/indexes and if one is going to short then short comex gold.

[PMILLY]

Hey Stockbucks, Just wondering if you are still long gold stocks. This rally appears anemic to me. My indicators are not confirming, and I think it's setting up for another shorting opportunity. NEM looks as if it has another low coming. What are your s/t indicators saying? TIA. Pmilly

[skott]

NEM has already had the 1% upmove today scott