Gold Market Commentary – Mon 4 Mar, 2019

GOLD Records Large Bearish Reversal at Triple Resistance

To follow up on my interview with Chris Kimble last Friday (click here to listen to that interview and check out those charts) gold reversed hard right at a multitude of resistance levels. On the bright side this reversal happened at the very beginning of the month which gives the monthly chart time to recover by month end. This correction took longer than we thought to occur but now we have to closely watch where the bottom will be.

Here’s the updated Gold chart provided by Chris.
Be sure to click here to visit Chris’s site – Kimble Charting Solutions.

Precious metals have been a hot topic for investors and the financial markets. Gold, in particular, has caught the eye of market participants.

After a 6 month rally into February, Gold futures reversed hard to the downside. This reversal came as gold prices tested triple resistance (1) at the same time that momentum was overheating (2).

The move lower created an ugly bearish reversal candlestick on the “weekly” chart. That reversal also saw Gold break its steep up-trend support line.

Rough start to the new month for Gold bulls.

Careful here. Volatility is ticking higher. No need to be a hero – gold bulls will now look for a higher low to form in weeks ahead.


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Comments:
  1. On March 4, 2019 at 9:05 am,
    GH says:

    Good stuff, Cory, keep the Kimble charts coming 🙂

    Mr Moriarty call this one a must read:

    http://www.deagel.com/country/forecast.aspx

    • On March 4, 2019 at 9:28 am,
      OOTB Jerry says:

      agency, published a report analyzing the physical economy of the States comparing it with those of China, Germany and Japan. The conclusion was that the US GDP was something between $5 to $10 trillion instead of $15 trillion as officially reported by the USG. We assume that the official data, especially economic, released by governments is fake, cooked or distorted in some degree. Historically it is well known that the former Soviet Union was making up fake statistics years before its col

      HOW LONG HAS JOHN WILLIAMS BEEN SAYING THE ABOVE……….like YEARS….

    • On March 4, 2019 at 9:56 am,
      GH says:

      Well, I read it through. Predicting disaster for the US and many other Western countries by 2025.

      I didn’t realize that was what it was about. Not that I don’t give it a real chance of being right, but I brush these kinds of predictions off.

      • On March 4, 2019 at 10:28 am,
        OOTB Jerry says:

        Don’t be so quick to brush off the obvious………some of the ponzi schemes….are happening…..

        • On March 4, 2019 at 3:45 pm,
          GH says:

          Well, it’s easy for me to do, since I already live in south america and am working on going off the grid.

          But I don’t do that out of being a prepper nearly as much as because it’s what I’ve always wanted to do.

          It’s kind of hard not to expect disaster one of these days. And frankly, I’ve been figuring a lot would happen by 2025 for years now. But I can’t see hanging on such dire possibilities. It will or it won’t. I do consider it advisable for people to ‘prep’.

          • On March 4, 2019 at 3:54 pm,
            OOTB Jerry says:

            Nothing wrong with being prepared.

    • On March 4, 2019 at 10:26 am,
      OOTB Jerry says:

      More from the topic…….
      Over the past two thousand years we have witnessed the Western civilization built around the Mediterranean Sea shifting to Northern Europe and then by the mid 20th century shifting to an Atlantic axis to finally get centered into the States in the past 30 years. The next move will see the civilization being centered in Asia with Russia and China on top. Historically a change in the economic paradigm has resulted in a death toll that is rarely highlighted by mainstream historians. When the transition from rural areas to large cities happened in Europe many people unable to accept the new paradigm killed themselves. They killed themselves by a psychological factor. This is not mainstream but it is true. A new crisis joins old, well known patterns with new ones.

      Sorry to disappoint many of you with our forecast. It is getting worse and worse every year since the beginning of the pre-crisis in 2007. It is already said that this website is non-profit, built on spare time and we provide our information and services AS IS without further explanations and/or guarantees. We are not linked to any government in any way, shape or form. We are not a death or satanic cult or arms dealers as some BS is floating around the internet on this topic. Take into account that the forecast is nothing more than a model whether flawed or correct. It is not God’s word or a magic device that allows to foresee the future.

      Sunday, October 26th, 2014

      • On March 4, 2019 at 1:48 pm,
        Charles says:

        The above is pretty depressing. I don’t look forward to the socialist path we have been heading down for years. Add to it the demographic cliff we are careening toward. The below article concerning country by country demographics was posted over at 321gold.

        http://www.deagel.com/country/forecast.aspx

        Where do I get off this runaway freight train.

        • On March 4, 2019 at 2:09 pm,
          OOTB Jerry says:

          Check out the new rules on financial statement….from the govt……
          Treasury notes…..are now going Dark…..See FItt….usawatchdog below….
          for more depression….. 🙂

    • On March 4, 2019 at 9:13 am,
      OOTB Jerry says:

      Which part………? the debt or the site……

      • On March 4, 2019 at 9:15 am,
        OOTB Jerry says:

        Check out how JOHN DEERE…..is raping the farmer on the technology…..tractors only can be maintained, by their specialist…..lol

        • On March 4, 2019 at 9:16 am,
          OOTB Jerry says:

          First Monsanto…..now J. DEERE……what a racket…….have to be connected to play the game…..

          • On March 4, 2019 at 9:37 am,
            GH says:

            The debt.

            “Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world.”

            Attributed, perhaps falsely, to Henry Kissinger. In any case it’s a good summary.

            Highly urbanized societies with highly mechanized industrial agriculture fit very nicely with the socialist/collectivist autocratic agenda.

          • On March 4, 2019 at 10:34 am,
            OOTB Jerry says:

            The debt needs a Jubilee………people just can not comprehend it or understand a Jubilee……Some think the bonds will take a hit, which they have already become worthless, according to the new Fasbe rule, according to FITTS……(see usawatchdog)
            One person on the Ker , said it was not possible to have a jubilee, because of the bonds …it would tear up the bond market,,,,the new rule just did that…., which I am sure he did not understand, which just occurred.

          • On March 4, 2019 at 12:07 pm,
            OOTB Jerry says:

            Ditto……….Highly urbanized societies with highly mechanized industrial agriculture fit very nicely with the socialist/collectivist autocratic agenda.

        • On March 4, 2019 at 6:24 pm,
          Whit says:

          Hit the nail on the head…… sure ain’t like grandpa’s….. bastards……

          • On March 5, 2019 at 5:01 am,
            Whit says:

            Comment was ment for Jerry’s John Deere comment….. john deere, cat, paccar, they are soaking the producers big time. These pieces are not cheap to work on…..i could go on and on…..☺

          • On March 5, 2019 at 6:35 am,
            OOTB Jerry says:

            Ditto…..Whit……..You are 100 % correct, ..I know a few farmers that have 1000’s of acres, and been farming for years….I can remember the Ford and IH….simple to work on,
            No way today……it is planned technological BLACK MAIL….
            I mentioned this stuff the other day with APPLE……..all the same SCAM.
            I WILL NEVER OWN AN APPLE PHONE……PERIOD.

  2. On March 4, 2019 at 1:18 pm,
    Chartster says:

    OOTB,
    You just delved into such a deep subject, people (including me) have a very hard time of wrapping their heads around.

    I’ll give you this:
    Think 20 year sovereign bonds. Think the euro started 20 years ago. Think when the bonds mature, and what happens, Next.
    😉

    • On March 4, 2019 at 2:01 pm,
      OOTB Jerry says:

      Chartster, have you listened to Kath. Austin Fitts…at usawatchdog……
      She use to be with the Dept of Housing.., they tried to put her in jail, because she uncovered the scam at HUD, …She also, uncovered the $21 Trillion missing money at the military pentagon …also, discovered the BLACK BUDGET…and the two accounting methods being used by the Treasury.
      She is now taking about the New Rule Fasba #__56_____, which says the bonds are basically worthless.., this was a new rule just created….I will go and bring up the tape..
      Per FITTS….
      .There is a big study we published at Solari.com. If you go to the annual wrap-up on DOD and HUD ‘missing money,’ we have a whole piece on FASAB Standard 56, and it explains how it works. Essentially, what it says is there is a secret group of people, by a secret process, that can take a portion of the financial statements on the books and make them secret. You cannot know what a secret is and what is not. (more…)
      https://usawatchdog.com/federal-accounting-now-meaningless-frightening-catherine-austin-fitts/

  3. On March 4, 2019 at 2:13 pm,
    Chartster says:

    What Catherine Fitts says is real. I think she is exposing some good stuff. I also think she is just telling half of the story. (she knows more)

    What she is telling is what’s been going on for years.
    (two sets of books)

    • On March 4, 2019 at 2:31 pm,
      OOTB Jerry says:

      Got to pay…..she has all kinds of services…..Corporate…etc….

      • On March 4, 2019 at 2:33 pm,
        OOTB Jerry says:

        THere is alot to go over for the average person…..I doubt they could comprehend everything that is going on in this world…..Old retired farts, can uncover a lot in a day… 🙂

        • On March 4, 2019 at 2:55 pm,
          Chartster says:

          Just think of the day when the old retired farts tell their children to research more than they did. And they give guidance to what specifically to look for. And their children actually paid attention. 💥 boom(a change)

          • On March 4, 2019 at 3:58 pm,
            OOTB Jerry says:

            Ditto

  4. On March 4, 2019 at 2:40 pm,
    Excelsior says:

    Barrick CEO Vows to Press on With Newmont Bid After Rebuff

    By Danielle Bochove and Ed Hammond – March 4, 2019

    https://www.bloomberg.com/news/articles/2019-03-04/newmont-is-said-to-reject-barrick-hostile-bid-as-soon-as-monday

    • On March 5, 2019 at 5:21 am,
      Excelsior says:

      (GPL) Great Panther Completes Acquisition of Beadell

      by @newswire on March 5, 2019

      “We are very pleased to close this important transaction that immediately transforms Great Panther into an intermediate precious metals producer with a strong and diversified portfolio of producing mines, advanced stage growth projects, and exploration assets,” stated James Bannantine, President and CEO. “Combining Great Panther and Beadell’s respective guidance adds to approximately 200,000 of gold equivalent ounces for 2019 and positions the Company in the ranks of intermediate producers(1). Our focus in the near-term will be on the integration of the Brazilian operations, the continued optimization of the Tucano gold mine, and advancing an exploration program to unlock the significant exploration potential of Tucano.”

      https://ceo.ca/@newswire/great-panther-completes-acquisition-of-beadell