27 thoughts on “CHART OF THE DAY

  1. Bud fox

    Most people got stopped out not panicked out. That’s what stops are for.
    Gold only needs one seller to push gold down. Preferably on a Sunday night.

    1. gary Post author

      Not neccessarily. If there are no more stops to run then there could be another manipulation event and it completely fails costing the entity millions if not billons of dollars.

      It’s becoming more and more dangerous to continue these interventions at these levels.

  2. Don

    The dumping of billions of dollars of gold futures during periods of thin trading virtually assures that the ‘client’ who is selling is getting the worst possible price, just the opposite of what would be expected if they were traders interested in profit. The manipulation is so blatant that it is hard to believe that the media can be completely uninterested in investigating and exposing the identities of those involved.

    1. MuffinBottom

      Everyone becomes a conspiracy manipulation theorist when markets don’t follow their opinions aka arrogant hopeful guesses based on limited knowledge

      how do y’all know that since the seller came out of China, that all that gold wasn’t simply a margin call due to the Chinese market liquidation and most stocks couldn’t even be sold, so paper losses mounted up hugely and quickly, therefore something liquid had to be sold and sold quickly. It would not be shocking to find out that in the Chinese market, someone had been buying gold on the way down on margin against paper profits in the Chinese stock market

      1. gary Post author

        China was rising last Monday and had been rising for almost 2 weeks. There were no margin calls being generated during that time.

  3. karni

    I told you two months ago that the important low was November 2014 and you will scratch your head why gold is not plunging:) Because it is way too early for the 8 year cycle low.
    One day wonder and gold around 1100 is not a plunge for me it is shaking out weak hands before the rally.
    On my blog I wrote(long before the plunge) that gold is making expanded flat and silver just a flat with target for gold wave B 1070-1090… surprise surprise where are we two months later:) targets hit and at 9 months/40 week cycle low.
    Now open an elliot waves book or look at in Internet for expanded flat wave C measurement and you will know how high will gold move until winter.
    No winter is too early for a bottom too…. spring 2016 may be, but I would say it will look much better summer-winter 2016.

  4. Dan

    Gold survived the Fed minutes and GDP report without a flash crash below 1080, reversal imminent?

    1. gary Post author

      Another attack occurred last night. 3 separate orders for 3200 contracts each dumped on the gold market between 11 and midnight. So the manipulation is still trying to force gold to 1033. Whether they will succeed or not remains to be seen.

  5. Tom

    The metals have about 24 hours or less in this little pause before breaking one way or the other. Place your bets.

    1. Bob UK

      I have a gut feeling that we will see another big dump overnight. Then when we see the COTS next Tues we will see that the big boys have gone long.

      Just guessing πŸ™‚

    2. Tenyear

      With the Fed behind the action, why be long anything else but the smoke and mirrors at this point. I’m seeing companies miss earnings by 30% or more year over year that are trading higher today. Doesn’t get any easier than this to make money in stocks.

  6. Jay

    Maybe no final bottom will be in until Jim Rogers writes a new book called “Dead Commodities” ?

  7. mj12

    Interesting ……….

    KHARTOUM, Jul 29 (PRIME) — Russian company Siberian for Mining has found large gold deposits in Sudan with only explored reserves standing at 46,000 tonnes

  8. MuffinTop

    Gold is currently building a ‘bearish pennant’ which normally (but not always) indicates a continuation of the current intermediate trend.

    My short term strategy is to build a small position in NUGT at this current level and pick up some more if it drops below $3, cuz there’s a bounce coming bitches! haha.

    1. Jay

      Doesn’t look like bear flag since those usually tilt upward then collapse. Not that my saying this will help anyone sleep better at night any more than lunar patterns and other such quackery. πŸ™‚

      1. MuffinTop

        I didn’t say ‘bear flag’ Jay my dear boy.. I said ‘bearish pennant’! There’s a difference. Now back to school you go πŸ™‚

  9. Bud fox

    Who would have thought 4 years ago people would be talking of gold support about a $1000 lower.

  10. Jay

    “gdx is extremely oversold. don’t sell low. buy and hold for re-bounce.”

    There is a lot of solid support 13.47 points south of the current price πŸ™‚

  11. Trond

    With the terrible multi years chart action on display they’re considering renaming the index of miners HUI into either the undermining-index or the minefield-index πŸ™‚

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