the fed backed off . the dollar hit the skids. and goldman sachs http://www.mining.co...year-high-2019/
of gs has been known to say one thing, rape its clients and do another
gdx starting to take a seat at the party. we are extended here. bulls climb a wall of worry
i suspect it is not a clear picture until we break the previous highs in the 1380 area. and even then there will be caveats
market looking more and more bullish. w/the troops falling in line.
i like what i am seeing. we are overbought dsi =75%
bulls climb a wall of worry
indian budget out the 1st
dharma
dharma:
FWIW I now have us in Wave 1 of 3 of C or 5 for primary count - If 5 we are talking substaintially higher - if C still much higher, but probably not above the old highs -
http://schrts.co/kjFCQUfF
Secondary count is we are still in Wave 4 of C - Wave C is an ending diagonal and we then can have overlap with Wave 1 and 4 - Wave 5 of C would be shallow and not take out the September lows -
http://schrts.co/rkjuPJSn
SO STU , short term on count #1 you are bullish but then finishing a C wave we go down again. count #2 is based on xau. dont see how it fits in w/gold so overall you are bearish. ok appreciate your work and input
dharma
gdx up 8 days straight. getting very extended!
No -count 1 is Bullish With Wave C from the all-time highs complete - now in impulse move higher - the difference between C and 5 only in magnitude, with C being a return to old XAU highs and 5 much higher
Count 2 - is looking for Wave 4 to complete here then Wave 5 down to complete C before the impluse move higher
yes, that is how i interpret your counts.. impulse number labeling . letters corrective. so even in this Cwave it is a larger correction upward. we very well could be in something larger here to the upside. w/the fed on pause . they may have stopped raising rates altogether, eventually they will be forced to lower and that is when its game on. i still give some credence to the bearish case if so then its down maybe until october but the fact that gdx can muster 8 days in a row of upside. remind me of feb 16. i think we may go alot higher 1700s by year end? take a look around . the world is starting to crack . yellow vests in dozens of countries. huge debt, leaders w/very little support . cbs encouraging the fed not to raise rates. europe w/negative rates. i could go on and on. gold =money we shall see in good time
as always my friend appreciate your work. and input
dharma
even marty has a more concillary note towards gold doesnt he russ!
Yes Marty did seem to be throwing in the towel on sub 1000 dollar gold in that report I posted. And what you linked earlier.... Goldman Sach’s head of commodities research Jeff Currie does not expect an early recovery in long-cycle investment and therefore prices of industrial metals due to a structural decline in demand from China, but he is very bullish on the gold price.
Speaking on Bloomberg Surveillance, Currie says gold will benefit from strong central bank buying and the wealth effect in India and China due to strengthening local currencies.
The last time gold topped $1,400 an ounce was briefly in early September 2013
On top of increased physical demand in the two top gold markets, Currie says “recessionary fears are raising physical demand for gold” and central bank buying “alone” will push the price of gold to $1,425 an ounce.
Goldman’s target price for gold is $1,450 an ounce. That represents double digit gains from today’s price of $1,315 an ounce, already a seven-month high. The last time gold topped $1,400 an ounce was briefly in early September 2013.
Retail and institutional investors are also bullish, with holdings of physically-backed exchange traded funds now the most valuable in seven years.
Holdings in global gold-backed ETFs and similar products rose by 69 tonnes to 2,440 tonnes in 2018, equivalent to $3.4 billion of inflows, according to the World Gold Council.
This is the first time since 2012 that the value of total gold-backed ETF holdings has finished the year above $100, says the industry body.
Edited by Russ, 31 January 2019 - 03:59 PM.
