GOLD – TIME FOR A BOUNCE, BUT PROBABLY NOT A BOTTOM YET
Sentiment got a little too bearish and price is bouncing off the 38% Fibonacci retracement. Ideally though I’d like to see one more lower low next week to break the cycle uptrend line before trying to call a bottom.
I’d like to see a bit more bearish sentiment and some panic selling. DCL’s should create fear and cause traders to think price is rolling over. That usually requires a trend line break to get technical traders on the wrong side of the market before price resumes the uptrend.
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yes, indeed: a lower low is in the books next week as USX moves up in its next daily cycle (most likely to prove left-translated as YCH is reached); the current DC is already in decline and about to finish early next week.
on the other hand, miners may have bottomed yesterday.
You nailed the Euro Gary
Alex, why would miners have bottomed ahead of gold?
Thanks
H-man, it is natural for resource companies to bottom earlier than their underlying commodity.
A clear exception to this general rule was during the last bottom in gold and miners: gold bottomed in DEC2015 while miners some 7w later.
PS: I’m covering my short in treasuries and on most of my stocks (I got a loss on TTS though).
I keep only my BEAT share – a great stock to keep.
… i.e. I expect the HCL in stocks to come early next week while treasuries will advance in their new daily cycle.
gary , invest for next 5 yrs for gold.. i dont even have to look , right???
That’s called the Old Turkey strategy.
Gary, what do you think from where Gold can reverse? What is the best place to enter sell for DCL?
I’ll try to call the DCL for subs on the premium site when I think it’s time.
Ok Thanks
bpgdm is at 96. Time may be needed for it to pull back to a decent level. That could take time beyond fomc. Time will tell.
…and here the HCL in stocks is comin while treasuries are up-thrusting 🙂
stocks’ HCL should render also the ICL in CRBindex and crude oil
I’m not sure the HCL has begun yet. This may just be a dip down to the 10 DMA before one more pop higher into the FOMC meeting.
That November/December high at 5170 is acting like a magnet drawing the Nasdaq up.
With dowa50r at 96, it would be tough for the us markets to power up from here in a big way. Time will tell.
put/call ratio at level indicating a local high for us market. Interesting week ahead.
I’m thinking a short term top once the Nasdaq reaches the 5170 resistance zone.
come on 2158!!!
You know I dont think theres any analyst that gets it right every time but what I like about Gary is that he as he says when he was looking for guidance as novice trader someone who is ¨Close enough¨ so I recommend everyone still on the sidelines to get on board and give it a try especially when he is always offering a discount. I mean come on you trade with thousands of dollar but dont want to spend a measly $200 a year mind you for a subscription that could be made in one day. Get on board become part of the group. I have been with Gary for 2 months and I have made my money many folds the subscription fee. I mean come on how much are you trading with that you cant afford his price, a $500 portfolio haha. It gets pretty sad to see people asking for free advice when his subscription costs pennies in the trading world. See you on the other side.
Well Gary, your call for a trendline bounce came right on schedule. Did you expect it to be so strong though? Miners regained much of their losses from yesterday. It makes me wonder if another downturn will occur if bargain hunters rushed right in. I think it would take an overnight raid for the momo crowd to jump ship here. And they have not been happening of late. Maybe it eventually breaks the TL, but that line is rising so prices might not break yesterday’s lows.