475 replies to this topic

[senorBS]

I remain overall bullish but would not be surprised if gold needed another near term leg down (wave "c") to at least below 1282 (maybe 1271-1275?) to complete an "abc corrective decline from the rally high near 1300. Just a best guess here, GDX also "might" test the converging MA's near 22.50 one more time, we see and I will simply remain long and likely have a few "add orders" in place

 

Senor

[dharma]

until 1300 is taken out on a closing basis , we are in a tr. in trs volume diminishes, its not exciting. when the breakout occurs then volume comes in. now i could make a case that the tr began w/the highs in 16 and getting above those highs is the break out. and that very well may be the case. 

we are in a wave 3 . however it could be 3 of C  which would cause a painful correction upon its completion. i dont have answers. my studies lead me to believe that is not the case, but i am not closed to the idea. its a real possibility

for now i am in aggressive mode. as it seems to me the market is very firm here. and there are many big catalysts in plain view

 

dharma

[dougie]

Dust looks interesting here

[johngeorge]

Dust looks interesting here

 

dougie

 

Nothing there at DUST that interests me......YET.   I remain bullish on gold.  It would take a close under $1220 for me to turn bearish. 

[Russ]

Armstrong's computer bullish on gold near term...

 

QUESTION: Mr. Armstrong, looking at the analysis of Socrates on gold we see that the Momentum is bullish, trend is bullish, cycle trend is bullish, but Long term is bearish, how does that square with your call that Gold is going up to $5,000.00 when the long term is bearish.

Thank you.

ANSWER: Looking very long-term is different from the relevant time frame. Gold has not broken out and I have given the number where that becomes a possibility. We are not yet there. Events on the horizon are the critical issue. The world is not ready yet and the stock market also reflects this pending threshold. Socrates comment is thus concerned with the immediate outlook and until gold gets through key points, there is no breakout. The extreme target is not due on this cycle but the next.

[gannman]

and the real question here is can slv burst thru its 200 dma once that happens

 

we are free to run imho

[senorBS]

Dust looks interesting here

not really IMO

[dharma]

gold seems coiled to me. a big move is coming.  the industrial metals are mostly in a strong upward move. zinc interests me because not long ago there was oversupply so producers cut back on producing.   now you have supply problems looming.  gold miners have cut back they have gotten lean and mean. majors have been running low grade ore, its why their earnings were/are disappointing. at some point they will pull the trigger and buy.  in the past riefel has had other miners he brought to market and sold them extracting a good price.  in this biz alot of it is who is in charge.  this guy is very experienced at selling explorers.  

all of this is noise until we break over 1300 on a closing basis.  

been thinking about the debt ceiling debate. my guess is they manage to buy time by kicking the can down the road. cutting anything is killing sacred cows. we are steeped in socialism , so kick it down the road. of course we are running out of time to do that. but that is the course , my guess , they will take

 

dharma

[dougie]

Dust looks interesting here

not really IMO

Could be , divergences on everything from 2 hours down and in area of support for past 6 months
Maybe that support evaporates

[Smithy]

At the close on Friday the last time the spot gold 8 hour  Bollie Bands were this pinched was the low last December at 1123.

Which way gonna break? Stand back!