As I noted when I first posted this chart mid April, the 1275 level is a key support for gold. Today that support was busted. Unless bulls can rally gold back over 1275 and close a weekly candle over that figure gold will likely probe last years lows ~1200. My gut tells me that level will not hold (triple bottoms are not usually good lows) and 1050 then 950 comes...
While there appears to be some interesting 'value' plays within the gold & silver sector, the underlying commodity is anything but bullish at the moment. Today's rather violent breakdown seems to confirm that notion and is yet another nail in the gold bugs proverbial coffin. Price rallied off the December, 2013 lows rather nicely but that bounce is fast loosing...
Gold Seasonality suggest a Bullish move from July to October. The year 2008 was the only exception. Gold has been consolidating and is forming a continuation pattern, than suggest a break to the upside.
Looks bearish here as it could be forming major macro bear flag/pennant pattern and if it breaks 121-122 zone w/ volume then it could test 95-98 zone for the extension of the move & this could happen in the next few months.....it looks like the major line or zone of support is around the 90 level which would be around 900 or so actual Gold price.....this area is...
OK...we have tested the break out area and are trying to move higher. If you pull up a weekly chart you will see that we are coiling and like CL1! it could get whippy. These are tough markets to navigate...either use small size or BE PATIENT. We are long GC1! with small size.
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I am starting to accumulate gold as an investment & a hedge against inflation. This is different from my short-term day trades, which I'll take both long and short. I'm more interested in buying physical gold - some to be stored inside the U.S., some overseas, and some in ETF's like GLD.
Energy (VDE), material (VAW), commodities (DJP), inflation protection (TIP), gold (GLD) and bond (TLT).
I am not certain why (probably because of weaker dollar, as shown on the chart), given this, current dollar and rate on their monthly charts are indeed very weak so can these assets perform well during first half of next bear market? Only time can tell. Good Luck!
Some charts are broken, others are difficult to understand, some are messy and others are beautiful.
This one is beautiful. Respects trend lines, fibs, divergences, or anything else that traders use I guess to place their bets.
For me it's just polarity perfection. The way support becomes demand and vice versa.
So far price is following the path of a bearish...
Friends,
A bearish market reversal signal was emitted from my prop system, defining new bearish targets, namely:
1 - TG-1 = 116.76 - 28 APR 2014, moderate-probability
and
2 - TG-Lo = 115.38 - 28 APR 2014, low-probability
While this signal is offering a dominant directional bias, one should remain open to frustrating contingencies. Therefore, let us define...
Coincidentally, TIP has a reverse head and shoulder breakout. This seems to suggest inflation expectation is on the rise, and owning GLD is more favorable than owning DXY (dollar).
Friends,
A quick note on this relative strength chart between Gold and Silver. Last October 10th, 2013, I offered a bullish directional idea based on the completion of a pattern of moderate/high reliability, called the "Kiss Of Death ("KoD").
As the pattern play out quite well, so did price action, as it is now ever closer to the targets defined at the time as...
Friends,
This 4-hour chart has moved significantly to new structural lows, carving lower-lows and lower highs. It also tripped my prop system to emit a market bearish reversal confirmation, and since moved to a relief lower high.
I would surmise here that the large impulse borne out of the beginning of the year (i.e.: precisely, 114.46 on Dec 31th 2013 to...
The correlation between SLV and BRF is more prominent that with GLD. Nonetheless the relationship between these asset classes are quite distinctive. long BRF, LBJ, ILF
This chart tries to demo gold price, dollar and interest rate can go same direction at times. So rising dollar and rising rate do not necessarily mean lower gold price (but most of the time, yes).
Miners working on a bullish engulfing week so far and a right shoulder against the metal.
If symmetry is any guide, hints that we will have maybe another month spend in this bottoming IH&S formation.
Cheers
P
The piercing line candle in the Juniors/Large miners got confirmation and the NUGT trade opened.
Needs a lot of work, as PM complex is in a downtrend, but the chart present a possible ABCD, a C&H pattern, a falling bullish wedge that is about to break and everybody I know or I read is bearish or short gold and miner stocks.
A lot, and I mean a lot of junior...
