Gary the last bullish move for Gold off the Dec low of $1181 produced an 8% up swing to $1279 before retracing 3% to $1237 then adding another 13% to $1392...that 13% rise was the same rise last Aug produced off its $1271 low - $1434
From the June low its been a 7% rise to $1326 a pullback of 3% again comes in nicely at a key support level $1285 and if the second leg up repeats last Aug and Feb-March move of 13% Gold will again be testing a very key resistance zone at $1420-$1435......jj
Just noticed Gary your projection line isn't heading towards $1550++, lol......told you I'd get you to back off from those wild and crazy projection lines, up or down.
Still no sign of the capital exiting the US equities (today as an example) flooding into Gold, Silver and the Miners.......jj
I would disagree. Liquidity has been slowly moving into the commodity sector ever since the beginning of the year even despite the Fed propping up the stock market.
Oh yes! many breakouts on commodity charts starting the new year as you mentioned.
Was remarking about todays action would be nice to see $1326-G, $21.17-S taken out with the Dow and S&P declining as well as the miners closing out higher.
Going to be real interesting to see Gary if in fact this move off $1240 will be THE breakout move for the pm's sector vs the short covering rallies seen last July-Aug and Dec-March.
Obviously your opinion is Yes it is THE bottom, a close above $1434, $25 and 283 HUI will confirm your opinion is correct.......jj
Gary, after hearing your KER audio today are you looking for Oil to be the pin that pops the inflationary commodity upswing creating a Deflationary outcome for the equities, commodities etc.....repeat the $147 Oil peak and its effect on global economies, nothing imo effects everyone on the globe in a negative way more so than much higher oil......jj
hope so. Right now miners, gold, silver are going down. let's see if it reverses by pm.
ReplyDeleteGary the last bullish move for Gold off the Dec low of $1181 produced an 8% up swing to $1279 before retracing 3% to $1237 then adding another 13% to $1392...that 13% rise was the same rise last Aug produced off its $1271 low - $1434
ReplyDeleteFrom the June low its been a 7% rise to $1326 a pullback of 3% again comes in nicely at a key support level $1285 and if the second leg up repeats last Aug and Feb-March move of 13% Gold will again be testing a very key resistance zone at $1420-$1435......jj
I have my doubt whether gold will move back down to 1285. Coils don't usually reverse back down through the consolidation zone twice.
ReplyDelete$1300 at this junction is a Big level for the Bulls to hold.....Fib @ 61.8% off the $1326 high comes in at $1293 and the 50% Fib at $1284
DeleteWould be very powerful looking back to hold $1300 or imo even more bullish to hit those levels below $1300 and regain quickly, time will tell.....jj
Just noticed Gary your projection line isn't heading towards $1550++, lol......told you I'd get you to back off from those wild and crazy projection lines, up or down.
ReplyDeleteStill no sign of the capital exiting the US equities (today as an example) flooding into Gold, Silver and the Miners.......jj
I would disagree. Liquidity has been slowly moving into the commodity sector ever since the beginning of the year even despite the Fed propping up the stock market.
ReplyDeleteOh yes! many breakouts on commodity charts starting the new year as you mentioned.
DeleteWas remarking about todays action would be nice to see $1326-G, $21.17-S taken out with the Dow and S&P declining as well as the miners closing out higher.
Going to be real interesting to see Gary if in fact this move off $1240 will be THE breakout move for the pm's sector vs the short covering rallies seen last July-Aug and Dec-March.
Obviously your opinion is Yes it is THE bottom, a close above $1434, $25 and 283 HUI will confirm your opinion is correct.......jj
Gary, after hearing your KER audio today are you looking for Oil to be the pin that pops the inflationary commodity upswing creating a Deflationary outcome for the equities, commodities etc.....repeat the $147 Oil peak and its effect on global economies, nothing imo effects everyone on the globe in a negative way more so than much higher oil......jj
ReplyDeleteCorrect...eventually. Maybe during the next intermediate cycle if oil were to get above $150.
ReplyDeleteWell, the market is always volatile and the peaks and lows are unpredictable. Let's see what happens.
ReplyDeleteGreat chance to sell
ReplyDelete