Doc’s comments on the move in gold and oil
It is a good day to chat with Doc as we have gold moving higher and oil continuing it’s downtrend. We spend most of the time on gold as I have already received a couple excited comments on the back of the move today.
Doc, I love you, but if this is another one of your 2015-2016 “sideways to down” calls you could be missing a good move here.
Ryan, i could be surprised here but I look at a number of PM charts that still look a little vulnerable. An example would be the monthly chart of Fortuna (FSM)—it isn’t encouraging as far as the MACD is concerned on how it’s ending this month. We would need an absolutely complete reversal in June to say we have a chance on a run from here —there are other similar charts. June would have to get off to a strong start to reverse what we’ve been seeing over the last few weeks. The first week of June should be very instructive for how June will do.
Doc you still think this summer gdx will test that 19 area? I think we still need gold to test 1250 area to reset before we can finally start to move to higher highs and higher lows until breakout finally comes.
Paul, I mentioned awhile back that we would have a good chance of testing 19-20 in GDX when it was at its’ peak. Well, we missed 20 by a hair–20.14. It looks like we have put in a low for GDX at this point and should rebound somewhat—I’ve been saying we’re probably going to see a lower trading range for these ETFs similar to the weekly chart trading ranges back in 2017-2018. If that’s true, we could rally to about 23-23.5 and then fall back again. We’ll know if this is the scenario by the end of June-mid July.
With Doc, it’s always sideways or down for gold … lol ! Monthly chart and Bollinger Bansds i suppose …
Doc, are you in training for the Michigan cherry seed spitting contest this summer?
bb; I took the retirement route finally. In one of my practice rounds I inhaled a small pit and with the forceful exhalation damaged my windpipe and hearing. I would have difficulty hearing the spit command by the chief referee and would probably be disqualified under the time rues since I don’t read lips well—yet.
Doc, that’s too bad, but you could always go to Coney Island for the Nathan’s famous hot dog eating contest on July 4th. Can you eat more hot dogs in 10 minutes than big Al and Rick Rule and Rick Ackerman?
I bet I could take big Al and Rick Rule since they would have a hard time not talking inbetween bites and swallows. Rick Ackerman would probably be thinking about his technicals and stop at the midpoint and pull back and then attempt to take the midpoint out.
I certainly wouldn’t try to argue with Doc’s wisdom in trading but I think it’s possible that Mr. Market could do it’s thing earlier than the seasonality charts suggest. Must we still experience lower lows at the end of June and into July? Why couldn’t things come together a bit faster, like the first couple weeks of June? It would certainly catch a lot of people waiting, wouldn’t it? jmo