31 replies to this topic

[senorBS]

You tried to short this market earlier at lower prices but that was blown through, seems you are on the wrong side of the market at least until the top of the down trend channel, if the bulls are right it will blow right through that and gold would head up to $1450 or so, I am agnostic on this once it gets to the top of the channel that will be critical, I do think gold will go down to test $1000 or lower eventually though as I have stated on this board.

we are in agreement, looking for a rally to same area and will reevaluate if and when we get there, and every day in between

Senor

[Russ]

You tried to short this market earlier at lower prices but that was blown through, seems you are on the wrong side of the market at least until the top of the down trend channel, if the bulls are right it will blow right through that and gold would head up to $1450 or so, I am agnostic on this once it gets to the top of the channel that will be critical, I do think gold will go down to test $1000 or lower eventually though as I have stated on this board.

we are in agreement, looking for a rally to same area and will reevaluate if and when we get there, and every day in between

Senor

GDXJ on stockcharts.com is showing the biggest up volume in over 3 years, however tradingview.com is not showing that huge volume, maybe stockcharts has bad data. GDXJ, looks like it bounced off its downtrend channel and surged up today though, a good sign.

[andiron]

shorts can attempted in 1300 area...too early...easy pickings for MM

[SemiBizz]

There was a lot of mouth about gold today, but no volume in the contract. Unless somebody starts buying.. First stop 1226-1232. Thats just for starters. They had all the volume in the World today to break that 11/20 high on GDXJ and couldn't get it done. When Volume doesn't result in breaking highs that tells us DISTRIBUTION IS AT WORK.

[senorBS]

There was a lot of mouth about gold today, but no volume in the contract.

Unless somebody starts buying..

First stop 1226-1232.

Thats just for starters.


They had all the volume in the World today to break that 11/20 high on GDXJ and couldn't get it done.

When Volume doesn't result in breaking highs that tells us DISTRIBUTION IS AT WORK.

we will see, answer likely within next 2 days

Senor

[SemiBizz]

What we have here is a BEARISH UPTHRUST.
We have the JAWS PATTERN <
http://stockcharts.com/c-sc/sc?s=GLD&p=D&yr=0&mn=1&dy=0&i=t41306400041&r=1389668843585$.png

Price on the top line, Volume on the Bottom.

Sure it can continue on price momentum, sellers with a lot of inventory can be very patient and let demand chip away at supply.

But when that demand accelerates and we see supply overwhelm it, then price gets stymied, like that GDXJ today... and it can't break previous highs with stronger volume it tells us...

There were plenty of shares available, lots of supply here.

so unless there's some stronger push on volume tomorrow... watch out. Those alligator jaws will snap shut. I see a little more room on the XAU for tomorrow to 90.77

http://stockcharts.com/c-sc/sc?s=GDXJ&p=D&yr=0&mn=1&dy=25&i=t69213410944&r=1389669170099$.png

[SemiBizz]

Added some DUST this morning 34.34. Close enough to 90.77 XAU

[Russ]

Good call Semibizz, I am going short here too.

[SemiBizz]

I would wait, we will probably see a bounce here ... Right after we test 104.05 $yen. So yeah, while I think XAU and gold can go lower. After my price target is met on the $yen I have to assess. Since it is the lead horse...

Edited by SemiBizz, 14 January 2014 - 12:06 PM.

[gismeu]

They had all the volume in the World today to break that 11/20 high on GDXJ and couldn't get it done.

When Volume doesn't result in breaking highs that tells us DISTRIBUTION IS AT WORK.

Semi,

when you say, "They had all the volume in the World today to break that 11/20 high on GDXJ and couldn't get it done."

where are you looking at? I looked at 2 different charting services and yesterday's volume was higher than 11/20!
What am I missing here please?

Thanks, gis
P.S. Also thanks for your warning yesterday (Monday) I covered my short puts on SLV just before the drop for a nice
profit today.