Doc, Chris and Gary wrap up the week
We wrap up the week with Doc, Gary and Chris. Starting off with oil then moving to gold and finishing off with the US markets.
Click download link to listen on this device: Download Show
Thank you, Mary#
You forgot to cover tomorrow’s FL-LSU and the Alabama-TX A&M games…Looks like I’ll wait for 1150 before buying more gold and silver miners.
Florida by 10…………..
In other news, USA lost 18 – 28 to Japan in the rugby world cup. Good game.
USA…….got the rug( pulled) by Japan,…are those Japanese lifting weights ,or do they have a lot of Irish playing on their team.
We can’t do anything right any more.
Seems that way……
Good wrap up guys.
If we don’t take 1220 in 1-2 weeks, I am gone switch to this scenario.
I think that Doc will agree …
https://www.tradingview.com/chart/XAUUSD/TpmCVZiX-GOLD-ELLIOTTE-WAVE/
Gabriel, thanks for the chart.
Slightly off-topic… but I think it might become relevant.
I think the situation in the South China Sea has the potential to deteriorate rapidly if the US sends warships to steam around those islands that China has been turning into airfields. I can’t see how even Obama cannot assert the right to maritime movement otherwise he will be caving in completely.
I think such a move would drive up gold – and oil initially – far more than the Russian involvement in Syria has done.
Maybe, rather than just waves and cycles, one should also be keeping an eye on fleet movements of the US Navy.
Oil is just going to keep coming back up. It is like trying to hold a ball under water. The whole market depends on it and the oil producing nations that are suffering greatly.
Im probably getting deaf.. but Al… how can you agree “with everybody…”?
He IS RUNNING FOR OFFICE…..
Oil should be breaking the 200 day average on the 2nd attempt and then short covering could get it as high as 60 or close, where it will fall sharply for a correction.
Gold Bid/Ask is 1177.70 / 1178.70 on Kitco after the close.
That doesn’t surprise me at all because it is just below the $1180 resistance level that was support in June 2013 and December 2013. So at the moment it is a false breakout to go over it to $1190 intraday earlier this week. On the other hand it was very nice to get a couple of daily closes over $1180 so maybe there is hope!
Great remarks Gary about the key $40 resistance for oil from 1980 that became support.
Doc and Gary could be reconciled if oil went down to re-test the $40 level and took its time doing it. That would of course be possible.
How I see the PM sector is …
… for a Trade, using Daily charts, it is a *fact* that Gary has nailed it
… for an Investment, using Monthly charts, I agree w/Doc to wait a bit longer
Bill, I think you’ve nailed it. All I’ve said and repeated for weeks is that the next low for gold would be in December in this particular cycle. It doesn’t mean that it will necessarily take out the previous low. When I made that statement weeks ago, I didn’t really care what happened to the price in the mean time.
How I see the S&p sector is …
… stay out for now – I can’t tell if we’re backtesting a breakdown, or if we continue up – if we’re going up, then I need to see a Daily chart pullback making a higher low, and then a continuation of that upward trend
I think 2060 was the record high that needs testing.
GO JAYS GO!
Nice wrap!!