Friday and The Doctor Is In
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Sorry about the delay and the “rough” audio. Weather does hinder us sometimes!
The problem with your analysis is that when you and rest of the people come to conclusion that it’s A worthy, it will already be at 1550 as that price will change your sentiment to positive from your negative sentiment of C. Go ahead and buy your gold at A sentiment $1550 while i will be buying gold heavily in F and C sentiment already and right now. One of us will lose and it won’t be me. That much i can tell you. As far as to the moon assessment if I am that person then i am 1% of 99% of you which makes me hard core contrarian which also means i will be on wining bet of this.
“You’re either contrarian or victim” – Rick Rule
James, your points are just fine but the grade you give is off. The action this year could hardly be better. Sure, the price itself needs to clear some resistance levels, but this does not mean that the price action is a “C.”
Let’s face it, you are always very bearish when you should be buying and bullish when you should be selling or holding.
James, good assessment.
We have to get and stay above 1550 and that will mark the beginning of the next bull market. On a daily chart gold looks like it has done very little since the bottom. On an hourly chart it looks strong. James is right. It still is a downtrend.
I agree with Doc James, good assessment!
Don’t know about a downtrend Paul, but I agree that it time to be careful instead of “backing up the truck.
Might miss a few points but so what?
Short term we still have an uptrend.
Today’s gold price grade: “C”
Many people think I am a hard grader,but I do not think so.
There are a lot of cheerleaders on this site who keep chanting the same old song
“To the moon”
“Back up the truck”
“Make millions”
This is not constructive.
My grade is reasonable and I believe accurate. My reasoning…
Gold has had a nice little run and this is positive.
For the first time in a very long time gold is able to string along some up days in a row
Momentum is a good thing
Anther positive is the smashes are becoming less and less and they are not as deep nor as long to recover from.
The negative…gold really hasn’t even taken out the real resistance levels it has to.
Up until now it has had a nice run, but it still is in a range, or could be.
Until we start taking out key levels, $1340 then $1400 then $1500 then $1550 we are just bouncing off lows. These levels will be progressively harder and so far $1340 has been extremely difficult.
So is everything terrible? No.
But it isn’t “A” worthy either, except to the to the moon folks