26 replies to this topic

[SemiBizz]

I still see us testing "old highs" area on XAU ... 159-162 area before this is done...

[dharma]

i dont have #s in mind, although the area semi suggests is strong support, i am looking for divergences to hold and the market to turn back up. i am long, and havent added back yet! i am not so certain that the next leg up will have enough to break 1033. i am in no hurry. this is a big trend and it will not hurry. the dollar is losing support as a reserve currency. the dollar is toast. dharma

[dharma]

gold and silver both have daily divergences. however, i am looking for one more low to denote the bottom. after that bottom, my feeling is we test 1k again. on the last approach, i was looking for 1035, we hit 1033. this is a tough resistance zone. i tend to doubt our gaining 1k on the next try, however it too will fall, it may take another try and when it falls we are on our way to 1250. dharma

[dharma]

i want to add, this correction will take on the flavor of the 06 correction, but it will not last as long, however, it will consolidate the recent gains. dharma

[dharma]

xau/gold and hui/gold ratios are still in long term buy areas. so starting an accumulation in this area is not a bad idea. in the event new lows occur in the metals/shares that should finish off the accumulation. dharma

[dharma]

on one of my systems, based on closes, i got buy signals on xau/hui. dharma

[dharma]

this concludes this thread, looks to me like xau/hui bottomed. i expect a trip back up to the highs. dharma