36 thoughts on “CHART OF THE DAY

  1. chris

    Gold new low. The place to be plainly is equities. US had outperformed. Now is time to put more money in Dax, and CAC.

    There will be bears that says no to stocks here again. They have already missed lots of this bounce, Last week and tis, the best is Russell 2k. Until next March to May, Dax and CAC will likely do very well. Again most will missed it.

  2. AlexP

    FINALLY: 10000% agree with you, Gary!
    That’s exactly what I’ve been looking for –> riding a very safe, high probability USX bubble along with its ensuing SHORT gold down to DEC16 FOMC.
    very very safe trading, one of the safest

    1. AlexP

      …and also highly contrarian trading –> sentiment is not a linear function: usually it is ok to consider yourself contrarian by trading opposite to price action (buying when the market goes down) BUT WHEN A BUBBLE IS IN SIGHT THE STORY CHANGES: if one does so he becomes gregarious NOT contrarian –> just as Gary noticed in this posting, too many people have been anticipating the rally: beginners and the soft-hearted have feared shorting gold while it was the … safest, contrarian bet 🙂

    2. Gary Post author

      I would still only trade gold short on a day trade basis. It’s 40+ days into a daily cycle and nearing a final yearly cycle low. If you get caught short when this bottoms it could rip your face off with a huge short squeeze.

  3. Chris

    Guys, stop being a stubborn pig. Listen to the messages of the market. And the best way is though P&L.

    When you do something, and losses keep occurring. Reversed, do the opposite.

    Over the last many days, its so easy to make money from stocks. On the little time that I shorted, losses occur very quickly. So ? Reversed to long.

    On gold. On the few occasions that I long, I just couldn’t make money. So? Don’t long it.

    Well, what if you long you lose, you short you lose? Well , don’t trade that market for a while, trade something else.

    Trust me, throw your opinion out of the window. Trade it , let your P&L guide you. Don’t fight it. And you will have a peaceful time.

  4. chris

    When I look at BHP, RIO, they look like they still have a lot to drop from their HS breakdown. If PM is about to bottom, they shouldn’t behave this way. Most likely, dollar gonna rally big. And fundamentally, it’s bcos Euros going down as ECB is going to print like crazy.

  5. Mark

    I must say that Martin Armstrong has been the most accurate forecaster in this long long long damn bear market in gold.
    He is awashed by mails from gold investors who don’t know what to do with their PM investments.
    He is convinced that if gold will close the year BELOW 1040 there will be a NEW low in 2016.
    It really seems that this bear market is ENDLESS!!!!!!

    1. AlexP

      it is all about the dollar and what you are saying, Mark, is possible from USX’ perspective:
      since AUG25 USX is in YC#2 which will most likely prove right-translated –> this will increase the odds that YC#3 will produce a higher high, i.e. an YCH higher than the YCH of the YC underway, while YC#3 will prove left-translated.

      Thus, since YC#2 is likely to end in Sep2016, most likely the YCH of YC#3 will likely come about exactly one year from now.

      Hence year 2016 can be another nightmare year for gold until USX’ 3-year cycle decline commences at its end.

      All this correlates well with fundamentals: FED will slightly hike rates through 2016 and USX and treasuries will start discounting an ensuing slowdown of US economy to come in 2017-2018, so that USX will fall in 2017 while gold will SHINE BRIGHT.

  6. Stevie

    Talk about a quick flip flop here from Gary!!
    One day he thinks 1062 was the bottom, then he quickly changes his mind after gold opens down.

  7. Chris

    With Silvers resilience, MACD getting close to crossing upwards, same for GDX, and with Silver relative outperfomance to gold, I think its worth nibbling on the longs a bit.

  8. mm

    According to ZH 18,000 contracts or $1.9 billion worth dumped. Do u see the same thing?

    If so, looks like the games are not over. GS is greedy … why not drop gold way way below support .. 900 or 800 or more while the market keeps bubbling?

  9. jack

    I am not selling my gold position. On Monday, IMF will decide to include RMB into SDR. It is absolutely bullish for gold. today it is bear trap.

  10. Hong Bang

    Buying Begin at 1055. Buying zone 1030 – 1055. Do not try to Pick Bottom or Top.

    Cycle & TA we are due for a Bounce. Let Trade It first & price movement will dictate bull or bear. Importan is making money on both side.

    Thanks Gary, but it seem you let the move down influencing your price orientation.

  11. jack

    next week will be very interesting week.

    My prediction:
    RMB joins SDR (if refused, China will dump dollar like last time)
    no QE from EU
    bad non-farm payroll
    gold to 1150

    1. Tushar

      I think we have a Buy American moment and a set up for GDX on Monday morning for an inverted hammer today. Safety seekers can buy over 13 EMA 13.73

  12. tim

    still have to see a 100m + day in gdx, gld at mid to high 90’s, so if the blood bath we soon should see targets

  13. Herman

    -the real bloodbath phase will most likely be next spring, if USD surges in next leg up.
    – USD topping for now, gold falling on its own weight ? That’s interesting, but maybe the result of holiday manipulation

  14. Paul

    Weird gold falling but NUGT only a $ 1.6 down …what gives ? at 1056 nugt should be down at 18.5 by now ?

    1. ted

      Paul, I joke not here. Look at the weekly charts for gold and SPX. It becomes very obvious where the trend is going. I see Gold 800 and SPX 3000 in the works.

  15. Mark

    at what level would you dare to buy a double etf long on silver’?
    If we really are in the blood bath phase there could be a good occasion for a trade next week.

  16. Bud E Fox I

    Gary….Nice work on the portfolio, up 25% Cheers.

    Your Gold chart, from an wave perspective looks
    complete. Thinking, you will get that rally, only
    might be stronger, than you expect, right now.
    Overall, congrats……Bud

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