475 replies to this topic

[Russ]

 

and it's off to the races, 1300 resistance breached, October high on track.

when I look at GLD daily chart its hard for me not to count this move as entering iii of 3 from the July 10 low, as always DYODD

 

Senor

 

good stuff.

[gannman]

We need to pull back here fwiw imo

[senorBS]

close is impt today IMO if operating under the GLD ii of 3 count, I have raised stops considerably and will exit if we see a significant downside reversal today

 

Senor

[risk_management]

Frustrating as hell.

[senorBS]

exited all longs at GDX 23.16, nice gain, will watch for now, no real interest in short side as IMO worst case is another near term decline and more sideways action at a higher level, could just be a gap fill but one can always re-enter

 

Senor

[dharma]

1300 is resistance, round # and the market is being sent back down,  the investors in the miners are reluctant to buy here. each time it has approached 1300 in 17 it has been sent back down. this time was no different.  if you get too close to the market you are bound to make mistakes . there is alot more upside here.  will we correct first??? well we are , the question is how far back down will we be sent!!!  i think this will be a small short in duration correction. of course the market could care less what i think.  

i am a believer in this bull will be based on stagflation much like the 70s . in that environment diamonds do really well. i have little to no expertise in diamonds as such, but i have built a position in a n/american diamond miner. pierre lassonde is a large share holder(which gave me some confidence in this company)

we are approaching diwali buying season, which will put a floor under gold

the stock market has become the economy, i see the possibility for a large correction over the next 2months. we made a lower high on the last run, transports are fading away, the set up is there.   

dharma

[Smithy]

Aussie Colin Twigg today: Gold encountered strong resistance at $1300/ounce. Expect retracement to test support at $1270 and $1250. Reversal below $1250 remains unlikely.

[gismeu]

Well, my weekly cycle top is still active! And fits with my 1296 make or break level

On Thursday we closed exactly at 1296, on Wednesday we were only a little bit

above it and today we closed clearly below it.

To me this means we are forming a weekly cycle top that should last until the middle

of September (or longer).

Then, once a weekly cycle bottom is in, we might finally move up and stay above 1296 or 1300, especially since

September and October are famous for rather big SPX down moves, which might lift Gold higher.

 

not trading advice, gis

[senorBS]

Aussie Colin Twigg today: Gold encountered strong resistance at $1300/ounce. Expect retracement to test support at $1270 and $1250. Reversal below $1250 remains unlikely.

sorta my thinking, but when I look at the charts of the biggies like NEM/AEM/GG/ABX I don't like the look of yesterday's big gaps up and strong downside reversals - makes me very cautious for now and since I'm going overseas for 3 weeks in a week or so I prefer to be flattish

 

Senor

Edited by senorBS, 19 August 2017 - 08:40 AM.

[Smithy]

Gismeu, your gold calls have been good. Can you post for SPX as well... ?