Columbus Day Thoughts on Gold
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Currently the DJIA; S & P; and, Nasdaq are pretty quiet, but gold seems to continue to be in an uptrend. Could this be the start of a meaningful upward movement?
Thanks Gabriel
It sounds so good to hear good things about gold instead of bad things! Thank you Gary!!!! Been a “long haul” so far. I hope this keeps up—I have waited a long time for this.
TW: Agreed. I think it’s our propensity to think in a linear fashion which makes the herd hard to turn directions. We’re more in tune with the recent past and usually assume things are going to continue in the same path. When they do change, most of us find ourselves on the wrong path, unfortunately. Gary’s thoughts are very timely and giving us something to really think about. I value his comments today. Good luck to all.
Thanks Silverdollar
My sentiments exactly Mr Winston!
Pull back from what level?…….question for Doc and Gary.
Fair enough!
Sold my heavy oil position Friday as I sensed oil would fall to 46 to 48 as it was quickly shorted near 51. and it is now at 47.20. I bought back only 20% of my position and avoided a huge loss.
Gary,
I think you are right about gold going hit the 100 WMA. But I’d be careful after that, cause the bull trap will be, set.
Chartster …..are you still looking at $800 gold….just asking…..no trick here….
I do think it will go lower than that, on the final wash.
Thanks Chartster for the info……………………………………..the CLAW
Always! Claw Dawg…
I hope I can buy back into GDX near 14.50. Now gold looks like it is being manipulated up when I need to get back in. Not fair.
It wont take too long before you start blaming manipulation again gary.Mark my words.The only 2 things that are guaranteed in life are taxes and death and nothing else especially gold price.
I bet that call writers of pms will rub their hands when they listen to what you have said 🙂
Nasty reversal candle in the miners today.
Yup, gold looks like a short here. There should be a corrective decline at the very least.
I say that because the pattern developing is one of a rising pennant (higher lows) with what looks to be a flat top rather than a picture of a breakout taking place. So a pullback would confirm that right here. The other thing is the CAD looks like it has hit an interim peak and will decline for awhile as well.
And BINGO……looking at the charts this morning we do indeed have a decline in gold and the Canadian dollar is in a correcting pattern that fits my above scenario very nicely. So I don’t think this is a breakout in gold just yet. That is coming…..but it is coming later. Gold should fall to about 1120 – 1121 at a minimum before its next bounce.
How low do you think silver will go down before it bounces A Listener? Just curious.
The Shanghai sure looks to me that it has hit bottom and is already on the rise again. Sounds crazy to some but that was my call recently and so far so good as A-Shares are again rising off a pretty good bottom. Judge it yourself by looking at a long term chart and you will see what I am talking about.
Listener,
I agree, the EMs have bottomed. So has most commodities. Not oil and gold tho.
Been saying that for weeks now.
Agree Chartster.
Well like I said, traders will try to call a top all the way up. It’s just human nature. Heck they’ve been calling tops for the last two months and been wrong everytime. Why change now? Very few people can actually ride a trend.
Lol, Gary.. They’ve been calling bottom for the last two years..!
right before your very eyes, and right here.
We might be close to a bottom regarding time. But price will be much, much lower.
If the dollar is rolling over like I think it is then gold is done going down.
Let see if this time it plays out …
https://www.tradingview.com/x/N2RBKeUd/