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Wednesday, June 15, 2011

GOLD CRAWL

I'm assuming that gold's latest cycle low was the mild pullback on June 2. If that's the case then gold is now in a left translated daily cycle that topped in only two days. It's also starting to form a crawling pattern along the 50 DMA.


Crawling patterns are usually continuation patterns and when they break down they tend to move aggressively down to the 200 day moving average.

Considering that gold is now 20 weeks into it's intermediate cycle, has formed a weekly swing high, and the extreme weakness in the mining sector, I think the odds are high the crawl is going to break down soon and the aggressive part of the intermediate degree correction will begin.
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7 comments:

  1. Harry235June 15, 2011 at 7:13 AM

    I noticed that NEM and Gold came roaring back this morning. Kind of ironic after your post earlier today.

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  2. GaryJune 15, 2011 at 7:15 AM

    Be patient. Gold has never missed in intermediate low yet.

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  3. Harry235June 15, 2011 at 7:17 AM

    I agree with you, just the irony of the market sometimes. All of the talking heads will be talking flight to safety on GLD and SLV.

    ReplyDelete
  4. AnonymousJune 15, 2011 at 3:47 PM

    What is the long term prognosis?

    ReplyDelete
  5. GaryJune 15, 2011 at 4:17 PM

    For what?

    ReplyDelete
  6. noahJune 15, 2011 at 7:55 PM

    James Turk is calling a low here. I just don't feel that bearish right now.

    ReplyDelete
  7. NEXTTONOTHINGJune 17, 2011 at 9:11 PM

    For gold , fundamental make surprise to the upside. In 2011-2012 , I bet on fundamental more than any tools.

    ReplyDelete

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