72 thoughts on “CHART OF THE DAY – PLATINUM

  1. SilverSurfer

    Hi Gary. Love your work. Long time follower and I’ve learned a ton from you. Question for you. When the downtrend line was steeper back in September, didn’t we have almost the same trend line break around the 3rd week of September. Looks like it closed above that steeper declining trendline and then continued to move down for what’s now 4 weeks more. Can you point out the differences between the September break and yesterdays? Thanks!

    1. Gary Post author

      Yes a trend line break isn’t 100%. Probably more like 80%. Sometimes a lower low is made and the trend line has to be redrawn.

      1. Pedestrian

        Its looking good Gary although I am going to hold fire until Monday just to stay on the safe side. We might just be looking at a technical overshoot that while significant in itself may still not yield the desired results. I would say we are at a code red though for an imminent directional change / bounce in precious metals so lets keep focused.

        1. Pedestrian

          On the other hand, if platinum is an indicator of any value right now then mining stocks are sure not buying it today. Shoot, NUGT has the look like it wants to go right back to its January bottom at 4 bucks. It was bearish as hell when it could not exceed 15 dollars and now that its turned back down it is modeling the left hand side of the chart which is pretty depressing.

  2. theworldwithoutfacebook

    Is PLG a buy? They just announced financing and price has dropped considerably from summer high.

  3. Pedestrian

    And look at LABU plummeting now! I swear it is predicting the election will go to Hillary because it is going to hit my sub 20 dollar target in just days at this rate and become a screaming buy. Democrats are good for biotech and all things medical. It means the money will keep flowing into that sector. So all eyes glued on it boys because the bounce should be one worth talking about. If I am right it is telling us the next President of the USA is going to be Hillary Clinton.

  4. Gary Post author

    The GDP report (Are we really supposed to believe the US economy grew by almost 3%?) may have been the trigger for this absurdly stretched dollar cycle to top.

  5. Alexandru Popovici

    Hillary’s win will drive:
    – stocks high for a few sessions
    – USX up in a new DC to reach a higher high – the final YCH
    – gold down to its YCL (or at least a DCL).

    Until then, let’s enjoy USX decline and gold’s run up.

    1. s29

      You forgot one thing if Hillary wins:
      – Government Corruption ETF reaches a YCH

      I think the Payroll Report for November next Friday will be quite good. The Status Quo of course cooked the booked a little to make Hillary look good. November is usually above expectations.

        1. Pedestrian

          That’s too easy Tulip!

          Think about it for a second. Wall Street, the media and big business are all lined up on Hillary’s side and the man on Main Street is in Donald’s camp. A Trump win will take the wind out of the sails of the stock market which is another way of saying you should expect a strong, positive rally if Clinton prevails. Wall Street will endorse her by sending the indices on a nice ride higher and probably ending speculation that a correction is coming anytime soon. So expect gold and safe haven trades to tumble in response. There is one thing that won’t happen. The market will not yawn and shrug this off so one way or another we should see equity market drama as results come in.

          1. tulip

            pedestrian….. yeah, I suppose its been far too easy. But now theres weinergate and other stuff…
            who knows maybe its still easy- fast an easy eventually hits a wall tho.
            korelin has some very relevant Links this evening.

          2. Pedestrian

            Weinergate? Is that what they are calling it now. Too funny. And that is why I don’t read newspapers anymore.

          1. Pedestrian

            Thanks Gary.

            We are measuring from the same place VanBC. I am also using the June 27 low for both IBB and XBI. In the case of XBI it is because that was the second low point of a double bottom we saw at that time so I ignored the earlier low. And that’s another case where technicals are subjective but the idea is reinforced here because IBB put in a lower low so it made June 27 the valid measuring point for me. After that I just concluded we would see the 100% fib or lower and after fiddling the charts came up with 19 bucks as a bottom for LABU. We can only wait and see. Of course I don’t know if I will be right but it looks probable and possible now.

  6. Gary Post author

    It seems pretty clear: The market isn’t going to be allowed to finish its ICL ahead of the elections, and gold is going to continue to be capped at 1275 at least until after the elections.

    Nothing to do but twiddle our thumbs for the next 7 trading days.

    1. s29

      Put/call ratio is frecking bizarre. Everybody is already bearish.
      I wouldn’t be surprised if we get up to 2170 S&P next week with a good Payroll Report and the Fed manipulation.

      1. Pedestrian

        Too bearish. That’s all we need to know. In two months time the Nikkei will be trading at 20,000, the Ten Year will sell for 124.00 and gold will most likely have been eviscerated because a rising Nikkei equals falling Yen and falling Yen means gold is going down. My optimistic post about gold on yesterdays thread applies to what happens to the world in January 2017 on onward but for now I think markets are telling us the election will be a pivotal moment for the balance of this year.

  7. Robert

    Dollar might have topped but gold’s daily cycle running out of time? Gold could still pop but cycle low still coming?

  8. Don

    There is no such thing as a “daily cycle running out of time”. When that seems to be occurring, it’s called a ‘stretched cycle’ due to, of course, manipulation.

    1. Gary Post author

      He means the cycle is getting mature, and due for a top and move down into a cycle low.

      However since the dollar cycle is extremely stretched, and the euro appears to be putting in a YCL, then the euro should rally for at least 20 trading days once the YCL is confirmed. That should translate into a really long gold cycle as well.

  9. Steffmeister

    Thank you Gary for the Platinum chart. I totally forgotten about Platinum Group Metal and I was chocked to se it at 2.30CAD I bought in yesterday, hopefully a godd ride to new ATH above 45CAD in a couple of years time 🙂

  10. Dreamer

    If the PM price suppression scheme was ever forced to end by someone or some event, it would go vertical up.

    1. Pedestrian

      JDST rounded bottom. Worst nightmare is it goes up vertically to match left side of chart.

      Uh oh.

  11. Robert

    Surfcity gold seemed to try stage a breakout but failing so far. Looks like Daily Cycle decline in place now so we may see 1260 or less by next week?

    1. Surf City

      Robert, If the YCL is still ahead of us, as I suspect, my current down trend price channel would take Gold down towards the 1200 to 1220 level and GDX to say 19.50 to 21.80 level.

      FWIW, I think the PM complex will bottom just after the election and that is when the Stock Market will decline into its YCL will also start to pick up steam. YCL for Stocks in mid-to-late November perhaps.

  12. Alexandru Popovici

    Gold = 1271 –> dumped my gold position with no result (either profit or a loss).
    I do not like price action in GDX.

    All in all, I’ve run a small loss this month of -0.4% of my equity, which is ok.
    I am 100% in cash waiting to fish a short in stocks most likely next Friday.

    Good night!

    PS: S29, I prefer a rather corrupt person to rule the world than a clynical psychopat – running a test of psycopathy on Trump reveals that he meets a lot of criteria. It’s not his fault he is, it is hereditary, but not President of the World.

    1. s29

      Trump is a big business man, he has an ego. Well duh, that’s normal.

      Hillary is the one who’s a clynical psychopat. She’s a warmonger and will start World War III with Russia. Trump wants to coorporate with Russia.

      Hillary has Parkinson’s anyways, it only will get worse.

  13. Dreamer

    “FBI Said To Reopen Probe Into Hillary Clinton Emails.” (news story)

    This is causing gold to spike up and stocks going down so far.

  14. goldilocks

    Brownies just came out of the oven. This is causing gold to spike up and stocks to go down so far.

    1. Pedestrian

      Don’t be fooled. It is recharging its energy for another run upwards, not dropping into a falling cycle.

    1. Pedestrian

      Not likely. And not the way I am reading the charts. Gold has not turned impulsive in any case. Stocks won’t sell off next week either. Oldest trick in the book. Pump you up Friday with metals and take you out Monday morning. Gold slaughter next week.

          1. bill

            Don’t guess, you were doing that above, and besides don’t make false predictions you cant prove. Let me guess Hillery for president ? am I close? I can tell just from the way you present yourself here . tuck your tail and go sit.

          2. Pedestrian

            The hostiles have arrived. You make me laugh because you don’t even put forward your reasons for why I am wrong. Take note that both gold and silver are posting outside days today Bill. Bet you have no idea what that even means.

  15. Dreamer

    “FBI Said To Reopen Probe Into Hillary Clinton Emails.” (news story)

    Gary……….what the hell is going on in the markets this afternoon?

  16. Dreamer

    Don’t worry, the PPT (ESF) and their cartel cronies will make sure they return things to their normal crooked ways by trading days end.

    1. TraderPete

      Thanks for the great info, mt. Also, notice on Friday the EBC on the gold and silver charts. That is extremely bullish at this point in the TPC. Also, 13 is a good FN.

  17. anjing bau 22

    natty gas … the injections are coming in at less than 60% of the last 5 years ( avg). Typically withdrawals start mid November. the forecast is for a warm start to November in the North… but longer term the forecast shows a winter that should be normal to slightly colder than normal. last year we had a warm winter which setup the massive glut that has been burned off due to this years extreme heat.


    LNG exports ( new demand), as well as piping gas to Mexico ( increased demand) plus the demand from electricity generation this year coupled with a supply side deficit…… higher prices are coming

  18. Alexandru Popovici

    Gold shows exhaustion while miners are already in decline in a left translated cycle.
    Lower lows in gold and miners are due: the advance in their new daily cycles have produced bearish flags.
    USDJPY should reach its DCL by Tue/Wed while miners will not be able to advace to new higher ground or at least it has become too risky chasing a miners/gold bonazza –> the best place for a momentum trader now is cash.

    Last YCL in gold was in early Dec so that it comes natural for the next YCL to come in by November 10.

    1. Pedestrian

      Sounds good to me Alexandru.

      Take a look at this chart I am following for reinforcement of your idea. I have not seen anyone else discuss this particular view for monitoring gold although you might already be watching it. What it is about is the Yen which I mention frequently. In this case it is the Yen on a weekly telling us that gold will decline further because the yen has formed a cup but has not yet completed the handle. So basically, when the handle portion of the chart is finished then gold will have hit bottom. You can see on this chart that in all likelihood will happen when Yen/dollar hits its 200 day and by the graces of God it will also be near an intersection of the 50 rocketing up through the 200. Yippeee! So what I am keyed into is a bottom of yen/dollars before yen heads back up in a hurry again. I keep saying that the yen will be one of the go-to currencies during the next economic crisis but most people just dismiss that idea as being idiotic without bothering to consult a basic chart. For some reason they have convinced themselves that all the interventions from the Bank of Japan must be hyper inflationary. But they are ignorantly wrong because the Yen is a global reserve currency. It can not and never will hyperinflate unless it loses that status. If you can see what I see then you may also conclude gold has further declines in its future. These will complete during November and December based on the Yen/gold correlation but after that gold once again turns very bullish and both yen and gold will rise together. The dollar is not even a consideration here but I do expect it will also be rising. Check the chart and by all means give me your opinion. As in all analysis it is the truth we are trying to get at for better trading results while leaving our bias and beliefs at the front door and you seem to be tuned in technically.


      1. Pedestrian

        You will have to pull up a Yen / Dollar chart on your own. Seems Stockcharts wants to default back to $INDu’s since i am not one of their subscribers. Go to a weekly to see what I am talking about.

        1. Pedestrian

          OK here is the correct view of what I am talking about. The Yen/Dollar cup and handle chart.

    2. Robert

      Alex, since USD daily cycle looks like it now has now started to decline wouldn’t this make gold advance higher now? Usd cycle stretched so maybe it’s decline will be short? Some are saying gold might now rally for much of Nov. Trying to figure out if gold’s DCL will come in Nov or Dec

  19. Dday

    Question for Gary. What do you think about the action in the GDX and where do you see gold going from here?

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