294 replies to this topic

[tria]

dharma:

WOW! Gold up over 1.5% and Silver up nearly 2%
Broads turn positive Miners Flat
Caution!

stubaby

Sorry, I am not dharma, but FWIW I think todays action is 5 waves up and and an abc down, so far.
Bought GDX at tho low opening, with my entry as a stop.

-tria

[dharma]

dharma:

WOW! Gold up over 1.5% and Silver up nearly 2%
Broads turn positive Miners Flat
Caution!

stubaby

Sorry, I am not dharma, but FWIW I think todays action is 5 waves up and and an abc down, so far.
Bought GDX at tho low opening, with my entry as a stop.

-tria

tria , we look exactly alike hard to tell us apart
dollar is breaking down here. i bought this am too. will not do it today, but i am watching them pound nsu, seems excessive for a 10%cut in production. i am getting the feeling that the resistance in the 1750ish area will not hold. above 1764 and then its an assault on 1803 . seems to me , just a feeling, gold could run. lots of turns to deal w/this month. lets see how it plays out!
dharma

[senorBS]

dharma:

WOW! Gold up over 1.5% and Silver up nearly 2%
Broads turn positive Miners Flat
Caution!

stubaby

Sorry, I am not dharma, but FWIW I think todays action is 5 waves up and and an abc down, so far.
Bought GDX at tho low opening, with my entry as a stop.

-tria

tria , we look exactly alike hard to tell us apart
dollar is breaking down here. i bought this am too. will not do it today, but i am watching them pound nsu, seems excessive for a 10%cut in production. i am getting the feeling that the resistance in the 1750ish area will not hold. above 1764 and then its an assault on 1803 . seems to me , just a feeling, gold could run. lots of turns to deal w/this month. lets see how it plays out!
dharma

should complete cinco up sometime in next several days, maybe around 1800, then correct the entire rally from late dec low is my dos centavos

Senor

[tria]

This is the key to GDX, imho, it is trapped between the 50 and 200 dma.

http://stockcharts.c...id=p87178659289

There is support from the 200dma just below and the mcd is threatening to cross positevely.

http://stockcharts.c...id=p59084042002

-tria

[dharma]

so, the shorts have decided to take a stand @ 1750ish. so far it is a brick wall. there are many possibilities here, i dont profess to know the outcome, but that is not my job. my turban got thrown out awhile back. my job is to buy weakness and sell strength. i bought into the lows yesterday, and am now in hold mode. after doing some research on nsu, i decided that one is a trading vehicle it has no place in my portfolio, its life as a gold miner is maybe 3 years, after that it is a base metal producer.
'here is what i see
the move off the dec lows has a similar took to ndx oct 98? similar to gold sept 79? from those dates for the next 4 months! will it follow that path?
seasonally, we are in a weak period till mid march http://www.seasonalc...ssics_gold.html
the gap on the gdx got filled yesterday
In addition to MarketVane's plunge to 66%, the HGNSI tumbled 13.3 points back to 37.7 yesterday. So, Gold sentiment is quickly improving in order to set up our expected next leg of gold's rally.
(Bernanke) Money shot:
said, "8.3% unemployment rate UNDERSTATES employment problem"
china has an appetite for gold
In addition to the firm bid in Gold we see every night during Asian trading (i.e. - after the West gets done selling Paper-Gold), the Shanghai Gold Exchanges provides yet more evidence of continued strong physical demand coming out of China. "Signs of physical Gold demand have been very strong in China during the holiday season in January and February. Chinese New Year – celebrated from January 22 to February 6 this year – is China’s biggest Gold buying season and Gold stores in Beijing reported sale increases of between 50 and 60 per cent this year compared with last year’s holiday season."

"Underlining the strength of holiday demand, the Shanghai Gold Exchange reported one of its busiest ever months in January, when daily trade volumes averaged 12.2 tonnes per day, up from 10.3 tonnes daily in December and 6.4 tonnes daily in November, according to data published by the exchange."
• Big Gold Option Strikes Ahead

April 1800 Calls 18 366 lots

April 2000 Calls 16 209 lots

Aug 2000 Calls 17 459 lots
A new high in Gold by month-end is certainly doable.

Expectations for the ECB's Feb 29th LTRO should provide more than enough incentive for buyers to chase the metal higher between now and month end in order to get long the yellow metal ahead of that expected Trillion-Euro money printing operation

i am not ruling out a big run here.
there are lots of potential irons in the fire.
in watch and wait mode to see which path the market takes. the latest cots have a bearish slant. not overly so, but enough to sit up and take notice.
remember i think 1803 is the real battle
cb buy programs although stealth are alive and well
lots of turns this month.
patience required
dharma

[dharma]

this looks and feels like yesterday morning. i have turns in silver tomorrow and friday and gold on friday. seems to me that the market is consolidating to take out the 1764 (high from a few days ago 1766) then the real battle will begin. dharma

[johngeorge]

KWN Interviews John Hathaway February 8, 2012: People Are Right to be Scared & Gold is a Necessity

Edited by johngeorge, 08 February 2012 - 03:59 PM.

[stubaby]

I'm seeing "bull flags" on a host of miners .... .....should set the next trust higher

[dharma]

stu-yes me too. i am also seeing from the highs, the descending gann angles have hit the highs for many miners on this move. so its not just the wall that is being created @1750 , but its also the declining angles that are affecting many miners. hit 1750 last night and again this am, and we back off the wall, the shorts have drawn a maginot line there. and i continue to believe that the real battle is @1803, looks like they are hell bent on avoiding 1803. starting to look , on the mining indexes, like a high level consolidation. unless my math is off, it looks like the miners gained the same %as gold on the january rise!? there have been periods in history where gold:silver has traded @16:1 , its not a constant however, it has been all over the map. and my guess is that will continue to be the case. silver still has strong resistance @37, which also happens to be the top of its pennant. lots of possibilities here. dharma

[Ken]

Am I the only one who sees the negative divergence between the RSI and the price of SLV on the hourly chart? Surely this can't keep going up much longer without taking a breather soon?

http://stockcharts.c...5879&r=5107.png


Weekly resistance for silver is $34.39. Any trade above weekly resistance with a weekly close below $34.39 is a bearish trigger.