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golds next leg higher


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#451 gannman

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Posted 21 May 2020 - 01:01 PM

i am seeing the same thing senor. we probably topped wave i yesterday in the hui

 

a nice pullback here would be the healthiest thing imo 


feeling mellow with the yellow metal


#452 dharma

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Posted 21 May 2020 - 02:24 PM

while i do think a pullback/consolidation is in the cards, i dont think it will be a 2 as that would be steep. i think we tested the

neckline of the inverse H&s pattern  but as i said from a 1773 high a hundred or so to as low as 1640 would not surprise me.

i like the resilience of the miners.  they remain well bid, i expect the next leg to produce 150% gain from where ever

we bottom from

 i am sitting and watching. 

not inspired to do much

dharma

ready for a good concert. 



#453 dharma

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Posted 21 May 2020 - 03:09 PM

over 3% loss in miners disappeared at the end of the day.  tells me buyers are there. and are willing to hold the miners overnight

this is a key. folks want to buy and hold the miners.    this is different then the bear phase.

dharna



#454 dharma

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Posted 21 May 2020 - 04:30 PM

just a reminder, i am expecting a big takedown in the broad market. i dont know what will cause it but i think it prompts the cbs to 

print more money , giving the pms a shot in the arm, probably after the takedown. i think this occurs between now and sept 

maybe a banking crises? i dont know what will be the catalyst.   but it will happen

dharma

be ready.   the dollar will not be a store of value

Jim Grant in his May 15 Interest Rate Observer discusses gold mining equities with Senior Portfolio Manager John Hathaway, who opines: “Gold shares, in relation to bullion, are the cheapest they’ve been in his 20 years. What astonishes me—I’m an old value investor—is that so many companies are generating free cash flow, and it is not hard to find companies with free cash flow yields of 10% or better.”



#455 senorBS

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Posted 21 May 2020 - 05:29 PM

Looking for a "modest" correction here and the surprise may be that it's on the shorter and shallower side. Of impt note is that the CRB IMO has a beautiful daily 5 up from its April LONG TERM low below 105. Also a correction down to the 120 area could put in a classic right shoulder of a bottoming process as well as a wave 2. Got some VERY interesting things lining up here

 

Senor



#456 Smithy

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Posted 21 May 2020 - 06:34 PM

Good observations Senor!

Also 10 year bond $TNX yield long term low on 3/9/20 at a hair below 0.4%, rallied since then.

Silver's 9 year bear mkt low $11.64 on 3/18/20.

It all seems to tie together.



#457 dougie

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Posted 21 May 2020 - 07:18 PM

valid channel?



#458 K Wave

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Posted 21 May 2020 - 11:33 PM

This 1720 area on GC looks real important to swing term...

 

If it goes by the wayside, will likely confirm nascent 4 hr sell signal.

 

How at acts at likely backtest of now rolling over 15 min 900 around 1730 may tell the tale.....

 

30 min and 60 min 900s just below now, so a rollover here could launch a synchronous swing down move....

 

IF...it manages to hold 1720 through the night, and not roll over, then bulls could take it up sharply...

 

Looks like it is real close to Pivot Time....


What A Beautiful Black Sky


#459 dougie

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Posted 22 May 2020 - 02:31 AM

here we go



#460 senorBS

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Posted 22 May 2020 - 07:52 AM

Dharma, added a second modest tranche to DBA pre-market at 13.5

 

Senor