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Post by platy on Aug 21, 2014 6:06:57 GMT -5
This breakdown is gold is actually good. It supports Aug 28 being a low. I'm seeing some calls for the low to be this week so that could happen.
There is major support at 1272.5 - 1274.
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Post by sb on Aug 21, 2014 8:29:43 GMT -5
Yes, shake some late buyers off the bull. Also, GDX looks to open at it's 50 day MA and maybe close on gap at the $26.22 area. This hasn't been as steep a selloff as I normally like to buy in this group, but since I believe we've transitioned back into bull mode I don't think we'll get those same types of panics, at least ones that don't last as long so smaller dips can be bought.
I've been waiting patiently for that other gap to fill down around $25, but doesn't seem GDX wants to get down there.
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Post by simonsays on Aug 21, 2014 9:10:24 GMT -5
I'm not convinced by the recent action that we've transitioned back into bull mode, although I remain positioned as such for now. Miners have been showing relative strength but gold really doesn't want to cooperate. I fear that we may eventually see another drawn out decrease followed by capitulation. There really are too many pissant jrs hanging on and many more of these need to go away imo. OTOH, if my mood is any indicator, sentiment in the sector is extremely low and this is often where we get a mini rally. But overall, as long as the equity train continues it's steady march higher, I don't see gold catching a bid. And unfortunately, with governments pumping recovery in the media and central banks willing and able to print money and/or outright purchase equities (Japan, Israel for example), this could go on for several more years. In fact, it may not actually end until there is some kind of revolution, which in my view is not in the cards for a long while. These are just opinions of course, and I will continue to trade the price action and ignore the rest....
I see energy may finally be catching its footing, which may be tradable for a bounce or more.
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Post by platy on Aug 21, 2014 10:34:27 GMT -5
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Post by daniel on Aug 21, 2014 10:37:50 GMT -5
This breakdown is gold is actually good. It supports Aug 28 being a low. I'm seeing some calls for the low to be this week so that could happen. There is major support at 1272.5 - 1274. From your lips to God's ears!!  |
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Post by daniel on Aug 21, 2014 10:39:55 GMT -5
This breakdown is gold is actually good. It supports Aug 28 being a low. I'm seeing some calls for the low to be this week so that could happen. There is major support at 1272.5 - 1274. platy... how off can that Aug 28 date be... off by a day or two??? or a week??? Are the bigger trend changes allowed more room for being off than by just a day?? THANK YOU |
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Post by sb on Aug 21, 2014 11:01:22 GMT -5
Change happens slowly at first, then it seems all at once on recognition day. This bull is young so we wont get the strong trending moves until later, If I am wrong about this being a bull market I am a least very confident it's the transition from bear to bull and will stay long through pullbacks and even nibble when they come.
Each new dollar, shekel, or yen buys less of the S&P up here. Sure it can continue as long as they print, but it doesn't have to be an S&P vs gold contest, everything should be going higher, by definition, unless it's a supply issue like with grains.
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Post by platy on Aug 21, 2014 11:09:11 GMT -5
This breakdown is gold is actually good. It supports Aug 28 being a low. I'm seeing some calls for the low to be this week so that could happen. There is major support at 1272.5 - 1274. platy... how off can that Aug 28 date be... off by a day or two??? or a week??? Are the bigger trend changes allowed more room for being off than by just a day?? THANK YOU So far it has been pretty accurate (+/- 1 day). Doesn't mean it will always be that accurate.  |
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