A bearish technical case for Gold
Here is a technical outlook by our friend Peter Brandt on gold. I like to read up on different opinions on both fundamental and technical outlooks then make up my own mind. It is amazing how the same chart can read so differently to people. a couple days ago I posted an analysis that was presenting charts that showed a strength in gold for the fall (click here to visit that posting) and now we have Peter with a more negative outlook.
We will be having Peter on the show next week with further technical analysis on a number of different markets.
…
- An opinion is not a position and a position is not necessary an opinion
- I deal in possibilities, not probabilities and certainly not certainties
- A chart pattern does not become a pattern until it is completed — and even then it may fail
I would not be surprised to see an “under cut” low to just scare the sh*t out of everyone. Looking at the world from North of Tucson, I will stick with my “guns, gold & other preps”. If any of you have better ideas,,,,,,,,please pass them along.
Palladium continues its gains, up double digits today.
Matthew, EX, others
Any comments on the Newmarket/Kirkland Lake merger?
I could go either way on this one …
It appears to be a better deal for NMI than KLG but I don’t have a strong opinion about it either.
Brian I wrote you and posted on the Doc blog about it. Didn’t see this post earlier.
Cheers!
Globex Royalty Property-Authier Lithium Project Update
The difference in withdrawals between active and passive hedge funds is somewhat surprising to me.
http://www.zerohedge.com/news/2016-09-29/outflows-active-funds-surpass-record-200-billion
The images [ charts? ] did not load – but the text is visible.
Using Chrome. This has not been a problem in the past.
I can’t see them on my trading computer or my Apple.
Nobody knows which direction the next gold move is going. Garry Savage says “under-cut” fakeout then up, Peter Brant clearly is split, the sentiment readings according to Taylor Dart are a low and perfect gold go up…..Doc says “sideways and down….Avi probably has 4 or 5 scenarios on the go….this is good in my books…..lots of technical confusion/contradiction out there by many smart folks. The resolution will come when it comes. I’ve got my spare underpants at the ready.
With market falling hard today gold could not come up with any rally. It is looking dead. Oil appears to be the safe haven today instead.
GLD is down less than one-tenth as much as the Dow today (at 3pm eastern). That is bullish action in my book considering that some people must be selling GLD today for a few possible reasons such as satisfying their margin account requirements or plain old fear.
Gold has been capped by the last falling trend resistance and the 233 EMA for the last 12-13 weeks so there is clearly a well-matched bull-bear battle going on.
PHYS:
http://stockcharts.com/h-sc/ui?s=PHYS&p=W&yr=6&mn=3&dy=0&id=p06858120861&a=370904138
+1
Why listen to anyone who missed most of the rally? All you need is a monthly chart with the proper moving averages. It got you in early January and still has you in until it changes. There is no guru people. Put in the time, find what works, and you won’t have to read or sell newsletters!
So what you’re saying is “markets will fluctuate”.