Member
Posted 08 August 2021 - 08:02 PM
wild night very early trading, gold spike down to 1680 and silver near 22.06 (within 30-40 cents of last Sept bottom), gold within $3-4 dollars if the 1676 March low, crazy friggin action, gotta wonder if those were massive thin market blowout low or they will be tested, glad I was totally out of gold/silver/miners!
Senor
Member
Posted 08 August 2021 - 08:35 PM
Can anyone find price action similar to this near a low or near an inflection point (IE continuation selling)? Im scanning historical data trying to find something similar. This is very rare, whatever it is.
Member
Posted 08 August 2021 - 11:31 PM
Can anyone find price action similar to this near a low or near an inflection point (IE continuation selling)? Im scanning historical data trying to find something similar. This is very rare, whatever it is.
AGAIN...all signs point to this being Initiation down, and NOT final capitulation before launch.
THE BREACH IN MID JULY IN SILVER WAS HUGE, and may have actually killed the budding bull market....
Until $26 is reclaimed by the Bulls, Silver is now more likely in a bear market than a bull now....
The breach of key support pivot level on Gold on Friday only lends to this outlook....until Gold reclaims $1800, it is now in bear market...
I fully expect tonight's spike lows to be tested...and then eventually taken out....1740-60 area should be SIGNIFICANT resistance on the bounce attempt....
GOLD IN USD
GOLD IN EURO...breakdown after HUGELY important battle...the Bears just won a massive battle, and are now likely to keep marching for some time to come.
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 08 August 2021 - 11:33 PM
All that said.....if Gold does miraculously rise back above $1800 now, it would likely be hugely bullish.
Not expecting that to happen any time soon, but will always re-adjust based on price action at key areas...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 08 August 2021 - 11:45 PM
Another couple to watch here over the very near term are Copper and Palladium.
They have not broken yet, but both are right at huge cliff edge....
If the manage to not breakdown over next couple of days, then that could be first early positive sign.
But if they do break, then it would likely confirm the initiation down scenario...
The strength of Government lies in the people's ignorance, and the Government knows this, and will therefore always oppose true enlightenment. - Leo Tolstoy
Member
Posted 09 August 2021 - 08:15 AM
have done some very light miner buying pre-market, will have more order is at opening, if all filled would get to about 20% long, I remain a TRADER here, as always DYODD
Senor
Member
Posted 09 August 2021 - 08:15 AM
You may be right Kwave, but sentiment wise we are hugely beared up in the short term:
https://www.dailyfx.com/gold-price. Look at 1 day and 1 week jump in shorting for both gold and silver (updated hourly)
https://www.tradersp...Trend/sentiment. (as of close Friday, one would think its worse now)
I'd be curious to see other sentiment data.
Member
Posted 09 August 2021 - 08:47 AM
I am flat. I should have kept my China plays as that market could be ready to take off. I am disappointed by how market reacted to gold and silver sale.
Member
Posted 09 August 2021 - 09:38 AM
got my 20% long miner position, may add more if we go lower, as always DYODD
Senor
Member
Posted 09 August 2021 - 10:44 AM
added another 5% long, now 25% long, as always DYODD
Senor
