19 thoughts on “CHART OF THE DAY

  1. Tanveer

    Can you ellaborate it further, dont you think that 1073 last month low is already a daily cycle low, or you are expecting further low.?

    1. gary Post author

      The low on July 24th was an intermediate cycle low. now gold is trying to print it’s first daily cycle low (a smaller degree cycle imbedded within the larger intermediate cycle). The natural bottom probably occurred on Sept. 7 but then gold was hit with a 20,000 contract attack premarket on the 9th and the cycle is being stretched. I expect they will continue to stretch it into the FOMC annoucement.

      1. JoshuaF

        Then there is options expiry on 24th September ! They will try to keep the price below $1100 unless they are loading up with calls themselves.
        Everyone is now awake to their scams, but does it make any difference?
        How do you know about the 20,000 contracts ?
        The 78.6% retracement is around $1097, and your analysis is still intact.
        We should be buying here or adding to positions in terror if we have the balls!

  2. chris swenson

    Congratulations on sticking with what you believe! Most everyone is bearish right now including the folks over at KER. If the 1070 low holds, you will be proven right.

  3. Gregor

    As I’ve been saying for a long time: Gold, why bother? http://schrts.co/Rz9M90

    Nothing against gold. Perfectly fine asset. But, there is just nothing, zero, going on here. It’s a bear market, and it will continue to be until it isn’t. When that happens, it won’t matter if you miss the first part of the move. The risk is actually greater that you waste your time trying to catch that move–which could chew up your attention for another two years–than the risk of missing out. FOMO==fear of missing out, is never a good impulse to follow. While one is wasting time with gold, you could be doing other things.

    Gary: why don’t you just turn your attention to other markets? The gold sector has been a time wasteer, and that’s fact.

    1. gary Post author

      I track not only gold, but the stock market, currencies and energy. Every portfolio is up and most are considerably outperforming the index or commoditiy for the year. Although granted the metals portfolio is taking a drawdown right now.

    2. Paul

      Despite believing there is no demand for gold, anytime soon and that I have been in stocks all year through August 5th…I find Gary’s insights and charts very valuable. (Partially why I got the heck out of the stock market.)

    1. gary Post author

      It did break the cycle trend line. Now the question is will they keep trying to hit gold all the way into the FOMC meeting even with the dollar tanking?

  4. Anthonyo

    1079 seems to be the next natural support; if it breaks 1039-1040 and then 1020 is in the cards.

    If they raise, i may take gold below $1000. No to me, they will not raise in Sept but in Oct or Nov maybe.

    Either way, gold and gold stocks have not made their final bottoms yet.

  5. Tom

    Looks like a bear trap to me, but I’m biased as I’m loaded for bull ! Scaled into several positions the last two weeks, SLW, NEM, ABX, GDXJ, PAAS, UNG, USO, GORO, GFI, RIG, NAT, AUY. About 50% deployed now. Whether the bull resumes next week or next year doesn’t matter to me, I’m on the 5 year plan, but expect to see Gold over $4,000 by then. Good luck to all, both long and short.

  6. Wiseguy

    I think this is a good time to buy according to your cycle theory, and according to my analysis, this is set up for a huge move up or a huge move down (I’m position short the miners, but started buying into the individual ones on the long side). I am likely getting out of my shorts before the FOMC either way.

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