Goldman Sachs Saves Gold from Falling Apart
Trader Dan has some interesting comments on gold and how it traded in the past couple days. Dan thinks that the upgrade gold received to neutral from sell by two analysts at Goldman Sachs help hold gold above the critical technical support of $1280. I personally like to think that gold held this level because there are buyers in the market who are waiting for certain price level before jumping in but Dan is right that the downside is looking more possible in the short term.
Well Lawrence you may have been listening to Dan for years but obviously don’t understand his value if you regard him a waste of time! Would you rather follow 95% of the clowns in the precious metals sector who have been 110% wrong for almost 3 years? If you understand Dan you would have been short many times these past years as he highlights key areas of support that needs to hold and when they don’t his lower targets are met, I’ve made a lot of money following his chart work….sorry to hear you don’t understand his level of intelligence, too bad.
Problem is that he does not give guidance prior to the move. When market is going down he will predict more decline next week and when market goes up, he will predict it will go up more. He is never really wrong but I am not that good at time travel. I also made a lot of money ignoring him. I focus on fundamentals.
BTW, I am sure real physical buyers in the East do not care what GS is saying. Dan is just trying to find excuse why his prediction did not work.
Oh boy! not another fundamentalist….Good Grief!!
There are far more reasons to own gold today that Sept 2011 based on solid fundamentals….problem is the market which decides the price of gold could careless!
How’s $1923-$1284 working for those using fundamentals?
I give up as I’ve tried many times to walk people thru when the trend is up higher levels of resistance are in play when the trend is down lower targets are in play….just as today Rick A is talking about higher GDXJ levels because from just 3 days ago his lower levels were met….he is selling a portion of his position on a $3 move….that’s a true day trader. Dan highlights the med-term trend in play.
I sold a lot when silver is in 38-48 since I felt it was over valued. I bought a lot from 2004-2008. Most of my silver was bought under $12. I usually sell some when price is above average and buy when markey is bleeding. Time span is usually 2-3 years. I still have my first silver bars I bought at $7. Long term for me is 10-20 years. I only play big wave and daily move is for Goldman Sachs to make money. I am not as good as them. I think you are better than them.
Continued success to you Lawrence
Actually I think Mr. Norcini has made many good calls across the years, especially when he was a regular on KWN weekend show. He calls primary and secondary key support/resistance levels very accurately. I also think he is spot on regarding the impact of hedge funds on price momentum. Not sure what you mean about “standing’ for something–except maybe a diehard goldbug. Think instead, He provides objective analysis of what the charts are saying.
Obviously I’m a regular reader of his blog..
It might be my own problem since I cannot afford to be a trader. I feel a trader is a full time job by itself. I need the analysts to have a longer term trend prediction so I can play on the long side.
The supposition is superfluous. If you say that two traders from Goldman Sachs can influence the entire world market by simply listing specific gold miners a “buy” instead of “hold”, then the argument for market manipulation is stronger, not weaker. Two recommendations!
“The downside” is only more likely than a rally in the overall precious metals markets because of the continuous suppression. Until that suppression is broken, there are no free markets with unbiased price discovery.
personally i would rather have a sell call from analysts.
when everyone has a sell call the bottom is in.
after that some analysts go neutral, soon all analysts are neutral and then they all go buy call. thats when the top is in
forget about goldman and their calls.
they have their own agenda, and it is not benevolence to help us traverse these markets
I’m no fan of Goldman, but they did have a sell on while the miners kept making lower lows. Now they have a hold, indicating we are heading into a sideways to up market. I happen to agree with them on this, but I don’t agree with their $1050 gold target.
I don’t understand how we can sideway into their 1050 prediction
( THE DEVIL ) WANT TO BE YOUR FRIEND ! ( GOLDMAN SACHS DLOOD SUCKERS !
I love the comment Dan made to a poster regarding Silver, as Cory always says, I agree with you 100%….I agree with Dan 100%.
Trader DanApril 22, 2014 at 1:18 PM
Bob;
Silver needs to hold $19 or it will be at $18 – $18.25 fairly quickly. I think silver is dependent on Chinese economic data more so than US economic data to be honest as it is trading more like a commodity / industrial metal at this point instead of a monetary metal. If China continues to slow or if data out of there shows further credit problems, I can see silver being pressured especially if the hedge funds are going to attack it from the short side.
It still looks heavy to me as it pops its head up and attracts selling rather than buying. So far enough people see value in it near $19 that it is holding. But one never knows where the “value” level can shift to.
As far as any major move goes – I have no idea and quite frankly no one else does either, in spite of any claims that they might have to the contrary. That is, anyone with some credibility. There are plenty of barkers out there who have all kinds of ideas. I heard a commercial on the radio just today from Lear Capital quoting Sprott ( who has no credibility) that silver would be at $50 soon. Sure it will; so will elephants roost in trees at night.
When the chart tells us that the metal is ready to run, either way, we will hopefully be able to see it
Based on his recommendation, should I short? or long? or stay put. I am confused as usual.
I’m current short from $1355 not holding after the high shot to $1390+….the area Dan and other are watching is $1280 a CLOSE below that area will trigger the targets Dan see’s…as he says a close above $13?? can’t recall as I type is bullish and I’d remove my short for a small % gain
Good Luck!
I’m more of an investor than trader but do trade around a core position. Should’ver liquidated more when I had the chance last go-around–and Norcini called the numbers spot on. I just didn’t like being stopped out by the manipulators–and being stubborn has a price. Even so, I think we have one more very good rum left in PMs which to me are forming a massive base in preparation for the next up leg–which will have plenty of short/midterm ups and downs for the traders.
I remember during the real estate bubble siting with mortgage broker freind and we just shock our heads at the liar loans–now I shake my head at the naked shorts and the fraud that surrounds it.
Anyway, I think we agree on the fundamentals as well as the health of this market. We’re at odds on shooting the messenger who doesn’t always flatter our positions. Peace and prosperity to us all.
Everyone talks as if the gold market is a free market! I dont think so . The Fed or who ever wants gold down to make the dollar look good. They go to lengths to make the gold look bad to make “their economy” look good! These guys can do anything they want through this “paper” market. But when the physical runs out, now there is another story!
testing
Yeah,the Fed pricing commodities with fraudulent suppression is worth noting.
The charts are a whore to this system of theft.
Not to despair,Goldman Sachs is doing ‘God’s Work’.
Trader Dan talks out of both sides of his mouth. I have been listening to him for years and I never know what he stands for. A waste of time in my opinion.