8 replies to this topic

[mss]

[The_Gold_Miner]

What's your take on the charts mss?

[mss]

The monthly S & R has gotten closer together, all weekly charts imply that a ST rise is still in the making. This does not mean a small pullback is out of the question. Mon. and Tue. will be the key , IMHO. I have been scalling back in as I posted the other day, but just a few stocks, ASA, NEM, FCX, AAUK. HAVE A TIGHT "TRIGGER" finger

[The_Gold_Miner]

Thanks

[SilentOne]

Hi!

I have been watching this rally and waiting to add back some positions. Monday might have to be a buy on any weakness. The USD is looking rather weak and seems ready for testing the lows and gold seems to be on the verge of breaking above $408-$409 (62% retrace of the 432 - 371 decline). The $CDN is breaking out against the USD.

NEM broke out from a nice reverse H&S formation this week. Short term retest of neckline? Target just shy of $45?

http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=nem,uu[m,a]daclyyay[db][pb50!b200][vc60][iub14!la12,26,9]&r=6183.gif

GM, what does you timing system say?

cheers,

john

[SilentOne]

More on gold. +++++++++++++++++++++++++++ By Rick Ackerman July 09, 2004 www.rickackerman.com Gold to $450 By Mid-August? Expect gold to move sharply higher in the days ahead, since there is still short- and intermediate-term weakness in the dollar that remains to be spent. Since early June we’ve been focused on a minimum downside target for the September dollar of 88.08, but yesterday it closed below that threshold for the second consecutive day. This implies further slippage over the near-term to at least 86.37, but if the bounce from that number is weak it would portend a fresh bout of weakness to an even lower hidden pivot, 83.35. What might that imply for the price of gold? To give you some idea, since June 15, when the Comex August futures touched a cycle low of 382, they’ve rallied about 7 percent, topping yesterday at 409.60. Over the same period, the September dollar-index futures fell from 90.77 to 87.68, or about 3.4 percent. If the percentage relationship holds, and if the dollar continues down to its 83.35 target, that would imply an approximately 10 percent rally in September gold, which would take it to around $450. This scenario is highly speculative at this point, since the September Comex contract will first need to push above two hidden-pivot resistance numbers that look daunting. The first lies at 409.80, and although it was not mentioned in yesterday’s analysis, it is probably more formidable than the 411.60 resistance that was. Bottom line: If the futures close for two consecutive days above 409.80, we should assume they are bound, over the next 5-7 weeks, for a minimum $450.

[bobalou]

MYBS I SEE THE SAME.MSS THE$$$ SHOULD RISE A LITTLE.SO SOFT MON TUE.silver is looking better.BUT STOCKS ARE STOCKS.SMALL STOCKS ARE WEAK.WE HAVE A WEAK MArket,so stocks are moving with or same.I still think there are shorts to be covered.that's the movers.what has the most shorts??????

[mss]

So far all are holding up very well. Time is now on our side, but not by much. Mon. & Tues. did not show us enough to say anything new , so we wait. mss

[The_Gold_Miner]

X-Dev has almost went to cash. If it goes to cash and then moves higher for 3 days we could have a trend change. The MRI is in the Mild Sell zone.