7 thoughts on “CHART OF THE DAY

  1. Randall

    These are wild times, seems like everything is in flux. Uneasy financial markets should favor the relative safety of a tangible item of value like gold. Thanks for guiding us through the turbulence, Gary.

  2. bob davis

    I would say looking at that chart 1160 is the initial target. If it breaks above that i agree.

  3. zkotpen

    Actually, the Jun 5 low of 1162.98 to be precise, that would invalidate further downward movement in the medium term…

  4. Anthonyo

    Maybe 1200 may be not, but is it worth getting out of short positions and going long only to short again at the top? Dangerous, it could turn on a dime and go the way oil did today real fast.

    1. gary Post author

      As I’ve said before intermediate rallies don’t typoically top until sentiment reaches 40-50% bulls. Gold is at 20% right now. Usually the weekly stochastics get overbought also. That is still a long way off yet. I would think minimum gold rallies until the Sept. FOMC meeting and a decision on interest rates.

  5. MuffinBottom

    what!? the powers that be string-pullers, iow the so-called (yet non-existent) ‘bullion banks’ will now allow gold to rise to some weekly moving avg?

    I guess if it doesn’t, one can always blame them anyways

  6. Bob UK

    Similar thoughts here to Gary’s about the Fed and a lack of an interest rate rise causing the USD to fall and commodities to bottom:

    The Fed will tell you when it’s time to buy back into commodities


    I think the author is wrong though in one instance – waiting for the Fed not to raise IRs will be too late. I think we are close to a buying opportunity in oil and perhaps even the big commoditiy miners. Gary seems to be spot on about the precious metals to date so far.

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