12 replies to this topic

[SemiBizz]

Gold Hits 1160

[senorBS]

Gold Hits 1160

several have "thunk" that, 1040 is my guess

Senor

[inamosa]

As Senor says, there's nothing startling about this...we've been discussing this in another thread:

http://www.traders-t...howtopic=121916

[SemiBizz]

Yep, we've been expecting and forecasting this for a long time too...

GLD Monthly Outlook for July 2010....

GLD made a NEW 2010 High in June of 123.56, and as we suggested it was still in BULL Mode. Now we did see significantly LIGHTER VOLUME at the high, which suggested a pullback and that's what we have in progress.

Looking ahead however, we see that the pullback on 7/1 came on MUCH STRONGER VOLUME than we had seen in over a month for a VOLUME OFF THE TOP candle in GLD. Short term we are now looking for a test of the daily 115.57 HIGH VOLUME FLASH CRASH LOW. From a monthly perspective nothing has changed as we see 113.31 as support

113.66 here.

[senorBS]

and the real slaughter may be in the miners Senor

[SemiBizz]

Looks like you might see HL under $4 here... The monthly volumes are light going down here though... The ones I checked anyway...

[Ken]

Yep, we've been expecting and forecasting this for a long time too...

GLD Monthly Outlook for July 2010....

GLD made a NEW 2010 High in June of 123.56, and as we suggested it was still in BULL Mode. Now we did see significantly LIGHTER VOLUME at the high, which suggested a pullback and that's what we have in progress.

Looking ahead however, we see that the pullback on 7/1 came on MUCH STRONGER VOLUME than we had seen in over a month for a VOLUME OFF THE TOP candle in GLD. Short term we are now looking for a test of the daily 115.57 HIGH VOLUME FLASH CRASH LOW. From a monthly perspective nothing has changed as we see 113.31 as support

113.66 here.

SemiBizz,

Now that gold has hit $1,160 and GLD has hit the $113.31 support area- what's next? A bounce up then lower?

I'm a novice on here but aren't the mining stocks getting oversold on the 60min and 30min charts with the XAU at 164.99?

[SemiBizz]

We have to measure the reaction on the bounce... It bounced right where it was supposed to bounce though...

[dougie]

thanks Semi: your volume work is amazing "A little mystery for the gold bugs to buy into" what does that mean though?

Edited by dougie, 27 July 2010 - 01:06 PM.

[SemiBizz]

thanks Semi: your volume work is amazing

"A little mystery for the gold bugs to buy into"
what does that mean though?

I gave the monthly support at 113.31, when we tested 113.32 and held... and bounced. It was a "mystery" as to whether the 113.31 held or would be tested.

It wasn't a mystery for me, I knew it would be tested...

Edited by SemiBizz, 27 July 2010 - 05:02 PM.