CHART OF THE DAY

17 thoughts on “CHART OF THE DAY”

MLMT July 27, 2015 at 1:01 am

I expect 1145-46 to be tagged and then sharp down. I expect Yellen to put an end to this bounce.
Jay July 27, 2015 at 4:15 am

Glad I never believed in “hold and pray” . I will take profits when GDX hits around $17 and then I’m out.
1. Rudy July 27, 2015 at 4:55 am
  
  20% pop… you sure are optimistic!
  Good luck.
Bill in Tokyo July 27, 2015 at 10:38 am

JUST a reminder …

The MONTHLY chart of gold is going down. As is the WEEKLY. And the DAILY.

And, this from Mish Shedlock’s blog: “Goldman Sachs Group Inc.’s Jeffrey Currie says the worst is yet to come for gold, and that prices could fall below $1,000 an ounce for the first time since 2009. “The risks are clearly skewed to the downside,” Currie, the bank’s New York-based head of commodities research, said in a phone interview Tuesday.”

GOLDMAN SACHS: THE WORST IS YET TO COME FOR GOLD!!!

So, BUYER BEWARE!
Bob UK July 27, 2015 at 12:17 pm

Just wondering whether the drop in China will result in more big sales of gold as people perhaps need to meet margin calls on losses in China?
Stefan July 27, 2015 at 3:16 pm

Goldman Sachs isn’t that a bank? I do not trust banks opinion regarding gold. Gold bottm is imminent 1 or 2weeks left only and 1033-1050 maybe but I think 1070 will hold. Option call open interest tomorrow and FOMC on Wednesday, so yes be a little bit careful for another 2-7days. The off to the races 🙂
Jay July 27, 2015 at 4:53 pm

“Goldman Sachs isn’t that a bank? I” // LOL
1. Bill July 27, 2015 at 7:30 pm
  
  Easy sheep your wool is beginning to snarl…
Bill in Tokyo July 27, 2015 at 8:04 pm

GDX had a nice pullback today. The slingshot is loaded.
1. Jay July 27, 2015 at 8:33 pm
  
  Hope the slingshot doesn’t break!
Crawford July 28, 2015 at 12:05 am

Right now you can see we are in a HUGE Descending triangle that has broken, so it looks like GOLD could go into the 900’s soon. Gold lost ground on Monday, moving closer to last week’s 5-1/2-year lows below $1,100 per ounce, with expectations for a near-term U.S. interest rate hike seen keeping momentum firmly with the bears.

Once we hit the $900 level jump into the GDXJ.
1. red July 28, 2015 at 2:50 am
  
  gold 500
Dan July 28, 2015 at 12:54 am

Hawkish Fed this week and another gold tank job and I cut my losses on these trash miners. Got fooled by the bull trap today but still hanging on.
Stefan July 28, 2015 at 6:53 am

No no no do not give up now, we are very very very close to a bottom!!!! Give it 1 or 2 weeks.
1. Bud Fox July 28, 2015 at 10:20 am
  
  I’ve heard that for the last 4 years.
Bud E Fox I July 28, 2015 at 10:45 am

Expecting Gold to being an oversold rally.

Holding long ASA.
Braden July 28, 2015 at 3:59 pm

Bear flag bull flag bull snag bear hag.

GDXJ has had an 89% down move since it’s peak. Here are the average sector returns for a three year hold when a sector is down 80% and 90%:

http://mebfaber.com/2013/06/25/what-happens-when-you-buy-assets-down-80/

Just sayin. Could GDXJ go down another 20% -30% before we bottom…. most definitely.

Would I want to short here for the next three years? Not unless I was suicidal.

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