Gold is chewing up bulls and bears alike.
It looks like gold is already 5 weeks into its intermediate cycle decline. So far, it’s doing exactly what I expected – churning back and forth to chew up both bulls and bears alike. I expect this slow downward drift to continue into May, or even early June, before gold is ready for the next leg up. This may end up as more of a sideways move than a deep correction.
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gold will reset till Fed done talking raising rate
I’ll take sideways correction, hasn’t been bad at all!
Gary,
You have been correct on your call. So would you say gold has a chance to hit back 1200? How about GDX? Seems like 19 is not possible anymore.
Gary
when is the earliest window in your cycle band for a ICL? end of april? or early May?
Probably May or June.
Looks to me GDX has another gap to fill near $19
https://s3.amazonaws.com/tradingview/snapshots/z/ZPoOdqWB.png
I hope so but look on the large divergence of gold and miners. Gold drops significantly and then miners barely drop. You would think one has to catch up, either gold goes alot higher or miners start to sell off bigger but its just not happening. I am confused
Or the move in miners is a false move to sucker in buyers and allow big money to escape at the top of the intermediate cycle.
So Gary are you saying that extreme bullishness does not need to be corrected into the ICL and it can go on indefinitely. What about the COT extremes does that not matter either. Maybe we just buy in now?
I would like to believe that but can’t see how that makes sense. Big money would have had ample time, weeks, to sell. Its been elevated here for months, I don’t think they would need months to offload positions. I have no clue
Gary any thoughts on Labu?
Why are you so bullish on spx, it had 4 year plus long run and never had any correction so next one could be big one?
Just curious what does blees rating mean on the excel sheet. Couldn’t find it in the definitions. Thanks anyone
It’s a measure of how bullish or bearish the commercials are over the last 18 months. 100 is the most bullish, 0 the most bearish.
This isn’t a contrary indicator.
Morris Hubbartt has an interesting angle…
Apr 15 Strong Buy Signal For Silver Morris Hubbartt 321gold
Gold I scold as it’s not acting as it’s told;
the correction must unfold before we all get very old!
A poet and he knows it 🙂 While I’m waiting for the miners to correct .. I took gary’s call and bought some USO
As the man foretold, this thing is going to fold, into May/June we are told. 🙂
Five key indexes and their action …
Good info to Consider, I do from report I read
The Institutional Index, the SPY, and the NDX./QQQ, were above their resistance lines.
The NYA Index, and the IWM both were both below their resistance lines. – Note that the NYA closed above its down trending resistance line yesterday while the NDX, the SPY, the IWM, and the Institutional Index did not.
Well boys and girls; on Friday I bought $1,000 worth of FNV – Franco-Nevada.
Do I expect to get rich now? No.
But if there is anything resembling a guarantee in this game, it is that price will drop precipitously shortly after I make a purchase.
FNV closed at $67+
You can thank me when it becomes a real buy at $57, $55 and $50 – which is where I’ll be adding.
Gary,
The other day Al made it clear he has not against you personally but does not want to give you free advertising! Keep up your good work and thank you.