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Did you say ‘Gold Market Bottom’..?
Careful Gary — you know how sensitive people get on this forum 🙂 Lots of big babies ready to whine at a moments notice.
Wait for it….
Although Gary said “evidence of” a gold bear market bottom.
This bear has lasted long enough that every single ICL from here on out should be viewed as a potential final bottom.
Do you feel the same about Oil?
It’s getting close to a final bottom.
By close as in a one month or 4 months?
The daily cycle should only have 2-4 more weeks left and it could bounce between now and then.
Gold target 1146.42?
Crude target 32.99?
Playing swing trading on an intermediate time horizon vs. short-tern (less noise)
I would be careful with oil. On the most bearish news possible Friday oil still couldn’t close below $40.
Thanks Gary. Great analysis.
First, a big thumbs up for the video approach Gary 🙂 and another thumb up for not blocking me for my statements, I’ve been blocked from two gold forums already. Gold bugs are very sensitive people.
Second a big thumb down for MuffinTop’s unintelligent cry baby post 😛
Third, All I am trying to do here is to contribute to the thread, we learn from each other and we make better trades.
Ok, as I’ve stated many times before we will not see THE LOW in gold until late 2018, early 2019 based on mother nature own math from Mr Fibonacci. A very natural pattern.
Calling the low here is not a good analysis, it will turn out to be rather bad and MuffinTop will lose more money. However we are in for a bear market rally and please note that April fools day next year is a significant day, not only for MuffinTop but also for gold.
if this thread is still alive in 2018-2019 and it turns out that I’m wrong,I will apologize of course.
Well maybe if this was a natural bear market driven by supply and demand, but this has been an artificial bear market created by paper market manipulation. So at some point the market will violently break the manipulation and the natural trend will resume.
That may have started on Friday.
Ponzi schemes don’t last forever, and the one in gold is long overdue to break.
I’m all for civilized debate and will never block someone just because they disagree with me. I will however block any troll who’s obvious intention is just to be disruptive. That doesn’t help anyone make money. Everyone misses calls. The best in the world miss 30-40% of the time. So rubbing someones face in the mud because he didn’t time a call perfectly accomplishes nothing, and if the troll were brave enough to post his trades in real time then he would find he would have mud on his face just as often as everyone else.
Gary. One can say the exact same thing that gold was manipulated from 2000-2011 12.
My ‘unintelligent cry baby post’ is meant to poke fun at those people that.. first and foremost, take themselves to seriously [and often for all the wrong reasons in life] and should learn to lighten up a little, and second.. for those who have the audacity to come on here and give our host a hard time for not getting it right the first time around — as if he owes anybody anything, haha! Get real 🙂
Common sense and real intelligence Stefan would recognize that Gary’s analysis is going to shift with the Market. Period. And the fact that he’s able to provide you and I with sound advice pretty much every single day of the year and for free, is in itself a small accomplishment.
Ps: My portfolio is actually in very good form because I’m adaptable and continue to learn from the best in the business.
Oil has no business being above $40. I have no doubt that gold has been horribly manipulated. But so has oil. Those that have the power (I suspect through the purchase of futures during regular market hours) will only permit oil to dip below $40 intraday for moments, and they certainly have not permitted it to close below that price for fear of the waterfall effect that will take the entire market south with it.
The $35-$40 level has been a major support zone & resistance zone for several decades. I thought it was interesting that on the most bearish news possible Friday, oil still couldn’t close back below $40.
Do you see GDX and gold both retracing in the coming week before the FED’s meeting the following week?
If so, any guess as to a level of both? Would getting into DUST for the week or is this too aggressive? Also UPRO, how long do you plan to stay in before you cash out? until the Fed meeting?
Love your analysis!
I cover all of that in the weekend report. Click on the orange button at the top.
$40.55 support broken
Printed lowest intraday since 8/24
CRB @ lowest weekly close
ERX, USO, XLE, XOP and OIH all beneath her 50DMA
Setiment 61/39 in favor of the bulls
CRB @ 1.03 above her lowest daily intraday set Wed
USO intraday low was .04 lower than 8/24
USO best barometer to crude
USO closed .09 higher than 8/24
Crude 43.54 broke (key level which I should’ve acknowledged).
Next support 37.75 then 32.99
The COT’s for crude are very bullish, as is the current sentiment levels at only 25% bulls.
Thanks Gary for your feedback. Your reply to me lacked the “reply” button for some reason.
Gary comes across as great guy but richard postman over at korelin report has called the gold market accurately for months…
Yep Doc got this one right although he did miss the rally out of the Sept. bottom while we made some nice money off that move.
Thinkin miners is the place to be right now as far as signals and trends to follow
Crude yes but to a degree in no man’s land
Gonna research some discreet miners this weekend but looks as NUGT is the place to be.
Fellow traders, have you actually taken some if not all profits at this resistance? ???
Great work Gary. If I had to say something I want to point out that small miners are lagging medium and big cap in this sector despite the absolute disruption in prices occurred during this bear market. Some money are flowing into stronger asset for the moment…everyone is skeptical, me too and I think it will be difficult for gold to climb over 61,8% of last movement…but w
ho knows…we are really away from optimism to come back on precious metals in western community. In the East people continue to buy as always…gold is not like a car or cellphone…the lower it goes the more people buy
Thanks Gary…….nice pm brief.
it is incredible ….social media with hundreds of billions in market capitalization, thousnds of billions in bonds with yield of 1%, bitcoin at 400 dollars, every single shit on the moon… and GOLD…sold at just 1100 dollars… for this reason it can drop to just 3 digits. What reason? planet of fucking apes is Earth. pay attention on the downside…apes are dangerous.
900 dollars for gold, the price of an I-phone (just 30 dollar to be produced) is what I want to pay for an ounce. Expecting lower low in 2016