Member
Posted 23 October 2019 - 10:28 AM
I keep trying to find something bearish about AG stock chart price action (First Majestic Silver) but it is not working.
Where is the bearish setup ????
An almost perfectly sideways tight contained trading range since July 17, 2019..... and a tight minimal .382 retracement since the impulse leg that started May 30th.
Edited by tradesurfer, 23 October 2019 - 10:29 AM.
Member
Posted 23 October 2019 - 11:26 AM
the chart patterns on the miners and gold still look quite bullish. so far after a 300 rally we have corrected about 100 . and on the charts it looks like a consolidation. the market is making a series of higher lows. indicating upward momentum is building seasonally we are heading into a stronger time of year https://seasonalchar...ssics_gold.html. i have to say though, i see the indian gold market in a bit of disarray, modi has raised tariffs on gold , and it has put a damper on buying.
dont know if we spend more time consolidating or not. december has been a significant turning point for the gold market
meanwhile deficits and debasement of currency continue. but dont worry its not qe
dharma
Member
Posted 23 October 2019 - 02:06 PM
the chart patterns on the miners and gold still look quite bullish. so far after a 300 rally we have corrected about 100 . and on the charts it looks like a consolidation. the market is making a series of higher lows. indicating upward momentum is building seasonally we are heading into a stronger time of year https://seasonalchar...ssics_gold.html. i have to say though, i see the indian gold market in a bit of disarray, modi has raised tariffs on gold , and it has put a damper on buying.
dont know if we spend more time consolidating or not. december has been a significant turning point for the gold market
meanwhile deficits and debasement of currency continue. but dont worry its not qe
dharma
assuming a solid close a decent session today, yesterday actually saw the GDXJ/GLD ratio make a marginal new low since the big rally from May low, all kinds of "additional" bullish looking IMO technical divergences into that low - sure looks like bottoming action to me in virtually all the miner/GLD charts but WTFDIK
What I do "know" is that this board has in general been correctly bullish since the mid yr lows, and now with gold once again sitting roughly $60-65 below the rally highs and $35 above the recent corrective looking lows we probably have more negativity and uncertainty here since the May lows - also 10-day DSI at 33% area is lowest in months and months. So while I can "see" a possible bearish outcome frankly "at this time" it does not look like the more probable outcome and we could be ready to really launch higher.
Senor
Edited by senorBS, 23 October 2019 - 02:11 PM.
Member
Posted 23 October 2019 - 03:08 PM
the last 2 years before the kickoff to the upmove, gold has made lows in december.then from those lows an upwave has occurred. has this become a yearly cycle? the seasonal charts present us w/the end of october low from which the upwave begins. both possibilities are in front of us. i dont have answers, but if i had to guess. i think we are going to have a december low which sparks a larger rally that goes into the march/april period. from there a top will occur
any and all opinions are appreciated!
dharma
Member
Posted 23 October 2019 - 03:15 PM
the chart patterns on the miners and gold still look quite bullish. so far after a 300 rally we have corrected about 100 . and on the charts it looks like a consolidation. the market is making a series of higher lows. indicating upward momentum is building seasonally we are heading into a stronger time of year https://seasonalchar...ssics_gold.html. i have to say though, i see the indian gold market in a bit of disarray, modi has raised tariffs on gold , and it has put a damper on buying.
dont know if we spend more time consolidating or not. december has been a significant turning point for the gold market
meanwhile deficits and debasement of currency continue. but dont worry its not qe
dharma
assuming a solid close a decent session today, yesterday actually saw the GDXJ/GLD ratio make a marginal new low since the big rally from May low, all kinds of "additional" bullish looking IMO technical divergences into that low - sure looks like bottoming action to me in virtually all the miner/GLD charts but WTFDIK
Senor
senor i have noticed the same thing. the feeling on the gold boards is correction/bearish. stu babys chart is much lower than the projection that hadik is giving for the correction low. his low for xau =80,8 and i ask myself will the bull accommodate all the would be riders wian easy safe entry so they can saunter to profits. not my experience w/bulls. the moves start suddenly w/o warning and then stops have to placed at a distance. we are very early into this bull the highs were sept 4 so the correction is not quite 2months and what i see on the boards is the sentiment has changed. maybe it will have more to go to get folks bearish ? i dont know
what i do know is , its never easy.
dharma
Member
Posted 23 October 2019 - 03:21 PM
Could be dharma: but with one or two exceptions who around here was calling to short? And while the COTs can sometimes be wrong, they are not often wrong.
Member
Posted 23 October 2019 - 03:36 PM
Could be dharma: but with one or two exceptions who around here was calling to short? And while the COTs can sometimes be wrong, they are not often wrong.
kwave
i was saying time for a correction. i let my margin and leverage go in august
there were others
dharma
Member
Posted 23 October 2019 - 04:00 PM
I dont mean go off margin. I mean if sentiment was honestly bearsih we would see folks glum or even short
Member
Posted 23 October 2019 - 04:13 PM
@trade surfer yes i love the chart of ag also. that stock is a long term hold going much higher
also the bollinger bands on slv are pinching so lets see what happens
Member
Posted 23 October 2019 - 05:06 PM
Could be dharma: but with one or two exceptions who around here was calling to short? And while the COTs can sometimes be wrong, they are not often wrong.
it wasn't necessarily being short but calling for significantly lower prices and being out or significantly out of the long side of the market. COTs in bulls can often be wrong, if I remember correctly weren't commercials like they were now during a lot of the 2001-2011 bull? Maybe we still correct more but I am with Dharma when he wrote the following: "and i ask myself will the bull accommodate all the would be riders with an easy safe entry so they can saunter to profits. not my experience w/bulls. the moves start suddenly w/o warning and then stops have to placed at a distance" - excellent words of wisdom IMO
Senor
