I'm sorry to say that breadth in the Precious Metals stocks collapsed this week with the XAU A/D line now at 7 1/2 lows having broken below its November 2008 lows.
This would also suggest that the XAU itself will also take out the lows made at that time as well at around the 68 level.
Looks like the earliest we'll see a bottom now in the metals complex will be in the August/September period.
If and when this changes, I'll make a post.
In the meantime, you may want to follow the money out of this asset class as it moves into non PM equities to keep your money working for you.
Fib
Bad News
Started by
fib_1618
, May 18 2013 08:19 AM
2 replies to this topic
#1
fib_1618
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Posted 18 May 2013 - 08:19 AM
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw
Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
#2
SemiBizz
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- Traders-Talk User
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Volume Dynamics Specialist
Posted 18 May 2013 - 09:15 AM
I think lower...
http://www.traders-t...?...st&p=651910
http://www.traders-t...?...st&p=651910
Mar 28 2013, 11:51 AM
XAU 56, might wanna write that one down, that's gold I am giving you.
Price and Volume Forensics Specialist
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#3
CLK
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- Traders-Talk User
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Posted 18 May 2013 - 09:16 AM
I'm sorry to say that breadth in the Precious Metals stocks collapsed this week with the XAU A/D line now at 7 1/2 lows having broken below its November 2008 lows.
This would also suggest that the XAU itself will also take out the lows made at that time as well at around the 68 level.
Looks like the earliest we'll see a bottom now in the metals complex will be in the August/September period.
If and when this changes, I'll make a post.
In the meantime, you may want to follow the money out of this asset class as it moves into non PM equities to keep your money working for you.
Fib
Agree with your take, though when XAU takes out the 08 lows I doubt Gold will, so that will set up a divergence, probably put in
an IT low around 900-1000, but not the LT low.
Edited by CLK, 18 May 2013 - 09:17 AM.
