Edited by senorBS, 04 August 2014 - 02:02 PM.
Gold correction ends at 1280?
#11
Posted 04 August 2014 - 01:53 PM
#12
Posted 04 August 2014 - 02:24 PM
so the bullish divergence is gdxj did not make new lowsHUI-XAU-GDX earlier today all took out previous correction lows (since July 9/10 highs) by modest to marginal amounts and have rallied decently so far, the declines currently look like "potentially" completed double zigzags from those rally highs. This is now one of those very, very key junctures where if the bullish case is correct we should soon rally strongly. Any "sustained" move significantly below today's lows and I am OUT OF LONGS, I really like the bullish risk/reward here but you also have to be disciplined and have an exit strategy - I have mine. As always DYODD
Senor
, while the other miner averages did
the only caveat in the picture for me is the commercials. they have trimmed their shorts, but remain lopsidedly short.
i have moved my stops to 1276 for now.
dharma
watching banco espirito santo. to see what happens there. could be the blueprint for bail ins?!
the dollar has hit temporary resistance. i think the dollar fares much better than the overly flawed euro
Edited by dharma, 04 August 2014 - 02:25 PM.
#13
Posted 04 August 2014 - 03:30 PM
#14
Posted 04 August 2014 - 04:32 PM
sure looks like it will bottom tomorrow morning fwiw the whole complex gold and stocks
it does feel/seem like one of those ELVIS "now or never' moments
Senor
#15
Posted 05 August 2014 - 10:10 AM
#16
Posted 05 August 2014 - 10:12 AM
sure looks like it will bottom tomorrow morning fwiw the whole complex gold and stocks
I still like the bullish potential and it should absolutely fly out of here "IF" bullish and I stress the "IF". As critical as it gets!
NO BS
Senor
#17
Posted 05 August 2014 - 10:26 AM
sure looks like it will bottom tomorrow morning fwiw the whole complex gold and stocks
I still like the bullish potential and it should absolutely fly out of here "IF" bullish and I stress the "IF". As critical as it gets!
NO BS
Senor
The only problem is that silver is taking a nose dive, but it is at the .618 retracement now.
#18
Posted 05 August 2014 - 10:48 AM
silver is the more volatile of the 2. and the most manipulated . it distorts moves. its why i watch gold and the miners. gold is in backwardation this morning. which is bullish. we are close here, but not there. i suspect the backwardation is 1-lack of physical 2-big demand. physical needs to show up to alleviate backwardationsure looks like it will bottom tomorrow morning fwiw the whole complex gold and stocks
I still like the bullish potential and it should absolutely fly out of here "IF" bullish and I stress the "IF". As critical as it gets!
NO BS
Senor
The only problem is that silver is taking a nose dive, but it is at the .618 retracement now.
dharma
#19
Posted 05 August 2014 - 01:27 PM
silver is the more volatile of the 2. and the most manipulated . it distorts moves. its why i watch gold and the miners. gold is in backwardation this morning. which is bullish. we are close here, but not there. i suspect the backwardation is 1-lack of physical 2-big demand. physical needs to show up to alleviate backwardationsure looks like it will bottom tomorrow morning fwiw the whole complex gold and stocks
I still like the bullish potential and it should absolutely fly out of here "IF" bullish and I stress the "IF". As critical as it gets!
NO BS
Senor
The only problem is that silver is taking a nose dive, but it is at the .618 retracement now.
dharma
we may have "been there" and "done that" with this late session reversal, miners are "flyin" a bit, took it to the limit and so far so good, however we are still not out of the woods
Senor
#20
Posted 05 August 2014 - 03:21 PM
silver is the more volatile of the 2. and the most manipulated . it distorts moves. its why i watch gold and the miners. gold is in backwardation this morning. which is bullish. we are close here, but not there. i suspect the backwardation is 1-lack of physical 2-big demand. physical needs to show up to alleviate backwardationsure looks like it will bottom tomorrow morning fwiw the whole complex gold and stocks
I still like the bullish potential and it should absolutely fly out of here "IF" bullish and I stress the "IF". As critical as it gets!
NO BS
Senor
The only problem is that silver is taking a nose dive, but it is at the .618 retracement now.
dharma
Another analyst whose name I cannot recall said to look for divergence between gold and silver as a sign of a bottom, I believe he said either one can diverge...ie gold down and silver up or visa versa. Not sure what the reason for that would be. Russ
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