Gold Stocks - Outlook
Started by
mss
, Mar 03 2004 05:59 PM
32 replies to this topic
#1
Posted 03 March 2004 - 05:59 PM
As always comments are welcome and trade at your own risk mss
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!
#2
Posted 03 March 2004 - 07:15 PM
appreciate your updated charts and thoughts, as always. - Steve
#3
Posted 03 March 2004 - 11:21 PM
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.
Health Canada has just released a study which shows that 100% of the population who have been exposed to whole milk products will die.
#4
Posted 04 March 2004 - 08:22 AM
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?
#5
Posted 04 March 2004 - 08:58 AM
ECB did leave rates unchanged @ 2.0% eom
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#6
Posted 04 March 2004 - 09:01 AM
And Bank of England left unchanged at 4%.
#7
Posted 04 March 2004 - 09:19 AM
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
#8
Posted 04 March 2004 - 09:37 AM
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.
#9
Posted 04 March 2004 - 10:39 AM
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
#10
Posted 04 March 2004 - 10:50 AM
NEM has already had the 1% upmove today
scott