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Technical updates on gold and GDX

Cory
July 9, 2019

Doc joins me to field a couple questions on the gold and GDX charts. Gold is still nicely holding above the $1,370 breakout level while GDX has some gaps left by this recent run.

Discussion
55 Comments
    Jul 09, 2019 09:44 PM

    Hi Doc/ Cory.
    Thanks again for all your efforts ๐Ÿ˜Ž
    Can you recommend a book explaining the โ€˜left translated cycleโ€™?
    First time I heard Doc mentioning this, was back in October 2015, in a hefty discussion with Gary Savage.
    Anyway – what source can you recommend, if I want to learn more about cycles?

      Jul 09, 2019 09:25 PM

      This might help a little:

      Cycle Length: Lows are usually used to define the length of a cycle and project the cycle into the future. A cycle high can be expected somewhere between the cycle lows.

      Translation: Cycles almost never peak at the exact midpoint nor trough at the expected cycle low. Most often, peaks occur before or after the midpoint of the cycle. Right translation is the tendency of prices to peak in the latter part of the cycle during bull markets. Conversely, left translation is the tendency of prices to peak in the front half of the cycle during bear markets. Prices tend to peak later in bull markets and earlier in bear markets.
      https://school.stockcharts.com/doku.php?id=chart_analysis:cycle_lines

    Jul 09, 2019 09:18 PM

    Hi Doc, do you own any NSRPF or OPYGY? How far could they fall this summer? Thanks.

    Jul 09, 2019 09:47 PM

    During the bull market of the last decade, it was a rare quarter that did not see gold pierce the 5 quarter ema before moving higher. That level is currently 1347.
    Sorry, most won’t be able to access the following chart:
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=Q&yr=35&mn=11&dy=30&id=p71029912135&a=673508560

    Jul 09, 2019 09:53 PM

    BB, I owned Novo months ago and when it spiked, I sold it. I’m getting ready to purchase some again in the near future.I hope to purchase just below $1.50. I don’t own OPYGY and don’t know much about the stock.

    Jul 09, 2019 09:15 PM

    Doc where to you see gdx pullback target range if gold tests 1360 level? Thanks

    Jul 09, 2019 09:23 PM

    Since the low last summer, gold gained 23% ($275) while GDX gained 53%. Neither showing is insignificant and I expect a very good second half of the year with the miners doing much better versus gold.
    https://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=13&mn=6&dy=0&id=p07984304007&a=675431182

    Jul 09, 2019 09:47 PM

    $GDM is approaching what should be significant resistance:
    https://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=4&mn=7&dy=0&id=p93798701009&a=631002072

    Jul 09, 2019 09:58 PM

    Those who understand our fractal existence can see that gold’s all-time high will fall easily:
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=M&yr=25&mn=0&dy=0&id=p75769761946&a=366074617

      Jul 09, 2019 09:24 PM

      If gold went up about 8 fold from 2001 to 2011, it could easily go up 3 fold or 5 fold or 8 fold from the low of 1050 in the next few years. Rob McEwen expects gold at 5K, but 8K is very possible. We’ll be fine even if gold goes to only 3K which could take silver to 100.

        Jul 09, 2019 09:26 PM

        You ever run into Butto O’Dorke? Isn’t he your Congresscritter?

        During that “debate” I couldn’t tell if he was running for President of the US or Mexico.

          Jul 10, 2019 10:34 AM

          Ebolan, Butto is from El Paso, about 900 miles from me. I hear that his Spanish is as dreadful as his politics.

      Jul 09, 2019 09:45 PM

      Hi Matthew, I am wondering what your take is on the short term direction of the Canadian dollar. I like it where it is now and I feel it is properly valued. Thank-you, DT

    Jul 09, 2019 09:25 PM

    Can you imagine if an American of Iranian descent did this?

    http://www.unz.com/pgiraldi/spying-for-israel-is-consequence-free/

    If you’re an Israeliar you can damn near get away with anything…and get rich at the same time.

    Jul 09, 2019 09:08 PM

    Let’s get the show on the road, Nancy Pelosi wants to raise the debt limit again. I think this is a great idea since it will happen anyway no matter what she say’s. The cry from the expensive seats is, RAISE THE DEBT, RAISE THE DEBT. Really, does anyone think that you cannot “RAISE THE DEBT”.

      cfs
      Jul 09, 2019 09:03 PM

      The U.S. has the choice: Increase Debt or Default.

      DT, you probably disagree, but I consider default as disaster. i.e. no choice but raise debt.

      A default means pensions reduced, medicare/medicaid reduced, welfare reduced, ability to defend nation reduced, grants to universities reduced, student loans reduced, grants from federal govn’mt to local govs reduced etc., etc.

        Jul 10, 2019 10:51 AM

        Welfare……….public and private……everyone alive is taking the welfare check today…
        The real problem will be left for future generations…..Great Job America….
        Since 1913….the scum bags have allowed this to continue, and it will just continue until every asset is in the hands of the REAL ELITES….

          Jul 10, 2019 10:54 AM

          Pelosi, like her father and grandfather , have had their hands in the cookie jar…
          They Ran Baltimore into the ground, and is now running the country into the ground….
          Political Hacks…..with no morals….what a joke….

            Jul 10, 2019 10:57 AM

            The group of thugs……called the DNC….are now getting exposed…..
            I think there are Repubs also, that will get exposed…..just a matter of time…but, we did have the Bushy, and McCain……lol

            cfs
            Jul 10, 2019 10:10 AM

            Please don.t use the word “ELITE”. These corrupt pieces of scum are elite only in their own minds.

            Jul 10, 2019 10:48 AM

            I do not give any credit to any ELITE….so our terms of SCUM AND ELITE are the Same…

    cfs
    Jul 09, 2019 09:08 PM

    Hopefully Israeli spies in the U.S. will be caught, indicted and tried……and stripped of US Residency if Israeli citizens.

    cfs
    Jul 09, 2019 09:13 PM

    Interesting developments in Epstein case:
    Someone using the name George M. Nasif tweeted out some video descriptions of what was obtained from the Weiner laptop.
    (This is unverified and his Twitter account embargoed.)
    He claims there are videos of Hillary and Huma Abedin with sex acts and worse with minor girls.

      Jul 10, 2019 10:05 AM

      SOME GREAT VIDEO……..furnished by EBO……in earlier sections yesterday….
      There is a WHOLE LOT of info. coming out, and has been out….
      Posted zerohedge article today….with some additional info…..

      TIP OF THE ICEBERG…….

        Jul 10, 2019 10:06 AM

        CIA….is heavy involved in this one……….and not in a good way…

    cfs
    Jul 09, 2019 09:15 PM
      Jul 10, 2019 10:01 AM

      PROFESSOR………please label your pods…..thanks ootb

        cfs
        Jul 10, 2019 10:20 AM

        Will do now I’m back home.
        Was working without laptops earlier.

          Jul 10, 2019 10:46 AM

          Thank you very much….appreciate…..OOTB

      Jul 10, 2019 10:15 AM

      …more like disgusting career.

        Jul 10, 2019 10:17 AM

        Dems and ……..DNC……Disgusting Near Congress……