GLD Update: 60-Min Buy Signal

My system shows 60-min BUY signal on GLD. This move becomes "real" > GLD 173.

Here's my posting from Sept 21 expecting $Gold's decline to end around 1680: http://www.traders-t...?...1512&st=150

Oscillators suggest there is space to run on the upside.

Edited by beta, 08 November 2012 - 03:33 PM.

My buy-stop on IAU was set below the 50dema and IAU triggered it and today went above the 50dema. I've got a stop loss in below the 50 at about 1% profit but am hoping that now that it's solidly above the 50 it will stay above the 50 and even run higher. The election is now over and I'm concerned that whatever was holding the markets up will now give way. My bet all along was that it was good to hold stocks through the election and good to hold gold after the election as the markets fall apart. I've loaded up on some additional gold prior to the elections in the portfolio and am ready to dump stocks if things continue to deteriorate. Hopefully gold will be used as a safe haven and produce some profits while the market suffers.

... here's another possible wave count to consider:

http://stockcharts.c...p...3&listNum=1

what concerns me on the long side is the monthly oscillator, which looks weak. needs time to hibernate.

also note that the 50/200 MA differential is now > 100%

IF we are in "c" of "iv," this would wipe out alot of nervous bulls here -- which is why it's a viable count

Edited by beta, 11 November 2012 - 01:18 PM.

http://bigcharts.mar...&mocktick=1.gif

You have one more day on this GLD bearish upthrust here available on Monday's quasi-holiday light volume trading. XAU says we're going back DOWN TOWN on gold.

Thanks, Mr. Earthling.

Allow me to be a Board Heretic here: I dont buy the rationale for PMs. Context has changed, and there is no correlation between PMs and POG. Because $gold is a "Giffen Good," i.e., demand is not dependent on consumption like other commodities, supply has no bearing on demand. If ALL mines in the world were to shut down tomorrow due to political strikes, etc, it would not adversely affect POG, right? If anything, collapse of PM supply might drive prices higher. PM charts could be bearish for any number of reasons including lack of liquidity, financing, strikes, political constraints --and still have no bearing on POG.

My preferred wave count is that we entered "5" of Grande 3 of Primary III in July 2012. The projected target for this "5" is similar to JSinclair's.

IF this context is correct, then the Nov 6 low marks the beginning of a "v" of wave 1 of this "5." Target for "v" is around GLD 200.

To confirm, GLD should move up shortly and hit 170-172 BEFORE it retests 165-166.

Edited by beta, 11 November 2012 - 04:16 PM.

I am not engaging in the fundamentals argument. You can make a fundamentals argument about consumption etc... I'm just looking at the technicals here, and not hampered by membership in the gold cult. Divergent XAU vs Gold, historical context. This last bounce in gold didn't get confirmed by the XAU, and now the volume in the gold contract and GLD is drying up. Anybody can think anything they want and make any fundamentals argument they like... Now there was a lighter volume day on Friday's decline in the XAU so we could see a bounce, but if it doesn't come and gold bounces, I'll be looking to put my short positions back on...

[deleted]

Edited by beta, 11 November 2012 - 06:37 PM.

SLV 60/daily charts looking FINE

http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosettings=1&symb=gld&uf=0&type=4&size=4&sid=3219852&style=340&freq=1&entitlementtoken=0c33378313484ba9b46b8e24ded87dd6&time=6&rand=275775201&compidx=XAU&ma=0&maval=9&lf=1&lf2=0&lf3=0&height=635&width=1045&mocktick=1.gif

You have one more day on this GLD bearish upthrust here available on Monday's quasi-holiday light volume trading. XAU says we're going back DOWN TOWN on gold.

Good call on XAU

GLD seems to be ignoring the memo ...

Edited by beta, 14 November 2012 - 12:51 PM.

Nov 24 Update:

My e-wave projections above were based on the notion that the move which started in May-June 2012 is the beginning of a wave "5." We have now seen GLD hit both the 165-166 AND 170-172 goal-posts, but in the reverse order.

Assuming that price remains above 162, this implies that the "1-2" impulse wave will be SHORTER in both price and duration. I believe the entire length of wave "1" of "5" will top out around 186, not 200.

Timeframe is early December 2012, and then another corrective move back to the base around 172-174.

$Silver has a very powerful chart, coiling like a Cobra ...

Edited by beta, 24 November 2012 - 03:08 PM.