Short term Gold

Despite Gold’s reversal on Friday and the respectable GDX price action, another wide trading range week we may have to endure or to take advatage of. Gold's technical condition is just not ripe for either an explosive rise but neither for a crash, imho. An initial rebound and then more base line testing is what I am looking for. -tria

Tria, Moving back up today, what price level are you looking for before stalling out?

Tria, Moving back up today, what price level are you looking for before stalling out?

Russ,
I was thinking of 1668-1675.
Anything above that, would pleasantly surprise me.

-tria

Tria, Moving back up today, what price level are you looking for before stalling out?

Russ,
I was thinking of 1668-1675.
Anything above that, would pleasantly surprise me.

-tria

The top of the downtrend channel is 1710ish, eventually this bull flag since early Oct. should break out me thinks.

Tria, Moving back up today, what price level are you looking for before stalling out?

Russ,
I was thinking of 1668-1675.
Anything above that, would pleasantly surprise me.

-tria

The top of the downtrend channel is 1710ish, eventually this bull flag since early Oct. should break out me thinks.

I thought you were asking for this week. I agree with your thinking otherwise.

-tria

I thought you were asking for this week. I agree with your thinking otherwise.

-tria

Yes I was asking that, just throwing in some bigger picture comments. I think your view is that we have seen the lows on this breakdown since last fall...yes?

Russ

Edited by Russ, 08 January 2013 - 05:34 PM.

I thought you were asking for this week. I agree with your thinking otherwise.

-tria

Yes I was asking that, just throwing in some bigger picture comments. I think your view is that we have seen the lows on this breakdown since last fall...yes?

Russ

Have we seen the lows till 18-21 January? 90% chance YES

Have we seen the lows of the first half of 2013? 70% YES

Have we seen the highs of 2013? 99.99% NO

That is my view as of today, and subject to future revisions as price action and the passage of time dictates.

-tria

Notice the big spike in volume right at the end of today's trading session on NUGT...smart money moving in. On the weekly Gold chart the 100 day moving average has so far been the rock of support, there is a big megaphone formation on the chart, if it goes to the top of the megaphone then that would approach the all time highs on Nugt. I am seeing possible evidence that nugt will go up into June with some bumps along the way, but I will have to do some more work to try and confirm that using better software. Russ

june highs fits into my ideas

Tria, Moving back up today, what price level are you looking for before stalling out?

Russ,
I was thinking of 1668-1675.
Anything above that, would pleasantly surprise me.

-tria

We agree Tria. Closing over 1672 is a plus and 1690 is a new pnf buy signal which we haven't had for a while. Today is a turn date plus/minus 3 days..Next turn date is Feb 15-18th from the Forecast book..which could line up with a major low..

Best to you

TM