19 replies to this topic

[Rogerdodger]

Wall St. Bullish, Main St. Leans Bearish On Gold Next Week

Kitco survey

 

This week's jobs reports sealed the deal on a rate hike, so could the news get any worse for NUGT in this oversold market?

I drew in this lower blue line sometime ago and we touched it as the RSI touches the bottom, ADX too, and the MACD is consolidating while the SAR line is close.

However, the weekly RED line gives me less longer term confidence that this is the bottom.

 

 

WEEKLY:

 

Edited by Rogerdodger, 10 March 2017 - 01:10 PM.

[diogenes227]

Day-trading-wise, I swear, SBGL has been moving better than NUGT, and it may have just quit for the day (at least as far as I'm concerned)

 

 

 

[AChartist]

its hard to say if it will transition to my bullish vertical cycle 364 weeks.

 

At least 132 day cycle should be up for 12 days.

 

If it languishes a while longer it should be really ready to rocket in 6 weeks.

 

I will probably wait for 6 weeks to do speculative calls because if it is going to run to 30 weeks out

 

is still plenty of time to work. I did add to my 401k gold funds just right on Weds and Thurs.

 

Six weeks end of April it will come around fast.

[AChartist]

maybe just a wave 4 of C bounce and one more low in 6 weeks if it is taking a lower path.

 

I may try some short term calls if the 132 day cycle high works in 12 days

 

just to try and balance out some of the account losses here, and in the case that the vertical

 

364 week up cycle takes hold now. I never put alot on options nothing I cant afford to lose.

[AChartist]

drew in the lower path because its below support lines. Still a chance for the vertical 364 week up to take hold at any time.

 

there are not many correlated cycles, still working on a phase transition. So many low cycles have gone away its

 

a process of expiring so many of them, at worst might not launch for 6 weeks so if we get to late Apr and nothing much happened yet that should

 

be where I leverage up.

 

 

http://rs1129.pbsrc....&h=210&fit=crop

[AChartist]

actually happens alot at the cusp of transitioning it gets knocked down,

 

the last couple times look like manipulation and this one sure was at naked short selling a full

 

year of global silver production every two days. They are really scared of silver, I know it feels right in the hand.

 

Each decline before last two years was cooked in the cycles but this is getting more obvious intervention now.

 

But still not impossible in cycles, thats 

 

why I said the last time "it might not work for six more weeks".

 

No big harm done, 2 401k gold funds are even, one positive is the first one I bought, two down big

 

in % but not dollar terms. From adding a little on lows but that takes the long term conviction too.

Edited by AChartist, 12 March 2017 - 12:22 PM.

[CLK]

I think we might see some more quick rally next week, but the weekly CCI turning down off zero

looks very bearish to me.

 

Edited by CLK, 12 March 2017 - 01:07 PM.

[AChartist]

does look dangerous until about 6 weeks, I'll take some defense if it gets a few days up

 

it could 12 days up with the 132 day cycle. Not sure what that means I could do, about all is sell some

 

1/2 positions and try to make it up in the next low. Stock mkt should also be low in the end Apr too.

 

We'll see what it can do by 12 days, if bearish it can top early give it 10 days.

[CLK]

Bought JNUG at $6.39 in pre-market, seemed to be ignoring the downturn in Gold futures, of which the hourly should turn back up now if the move higher is for real.

[SemiBizz]

NUGT, GDX, XAU all of them are up against their 3/6 resistance, signifying the volume and momentum they went down on there...

 

With Blowout Volume NUGT and GDX etc all failed to break the 3/6 hourly highs...on Friday.

 

You may remember that I called this upturn here:

 

Posted 09 March 2017 - 08:59 AM

 

All that "divergence" stuff that was going on a couple weeks back has settled...

 

And once again, the MINERS (GDX, XAU) set the tone, and gold follows it like a little retriever puppy.

 

Now what I noticed here is the volume is drying up on the pullback in the miners...

 

XAU and GDX are INSIDE today on lighter volume - that's a neutral.

 

Overall though, we could see a tradeable bounce set up in something like NUGT... hourly trade...

 

 

And now the hourly trade setup has been canceled on the null test of the reference candle on stronger volume.