631 replies to this topic

[SemiBizz]

That's easy... it takes more AUD $ to buy an ounce of gold... so going up in local currency terms... hence miner rally...

 

[dharma]

the potential upside @this point seems alot greater than the potential downside

 

i havent been able to get a 5 wave advance in the metals. 1235 is a new wall for gold. bumped into it again yesterday. so i am leaning towards the captains counts w/gold taking out its last low of 1204.  we will see . august 1st we get the indian decision on interest rates, which are already higher than in the west. their inflation is also running higher, as is their gdp, so i suspect they raise rates, thus making the rupee stronger. which will cost indians less to buy gold. more recently the rupee has taken it on the chin vs dollar=making gold more expensive.  so if this rise in rates occurs it will be gold bullish. 

dharma

[gannman]

i think gdxj is in a subwave 4 it really has to get above 33.5 and stay there to get my interest 

 

gld is still in its sub wave 3 from the april 11 high and we should soon get a bounce before a final low

 

which i now think will occur some time in august for gld i think the stocks bottom before gld fwiw

[stubaby]

Lot's of "reasons" for the PM complex to rally - seems there always are - but there is NOTHING bullish in the charts today - NOTHING!,  IMHO

[gannman]

not yet stu dharma do you have any thoughts on this eclipse and also what mars is doing

 

thanks 

[SemiBizz]

Open Interest went UP

 

Price went DOWN

 

Bears in Control

 

This was all we needed to know...

[jabat]

https://www.themaven...impression=true

[dharma]

https://www.themaven...impression=true

exactly, and its the large specs , not the commercials, at least as of last week, we will see what the current cots say . 

as i said i have not seen a 5 wave advance as of yet. so the trend is still down.  hadik, via thompson, today,  is looking for a july low for gold and an august low for miners.   maybe i dont know if i am on that page. but i do think we are close or there. BUT i need to see a 5 wave advance

dharma

[Russ]

Dharma,

 

This chart is not good, major breach of the long term support line, it really looks like the gold stocks are headed down to test the late 2015 lows, which ties in with my Gold chart I posted a few months ago projecting a major low in late 2018. An august low could just be temporary.

 

 

[Russ]

Here is the updated version of my Gold chart with a test of the 1980 high of $875 being possible, which is something the marty said after the 2011 peak.