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Thanks Gary for the oil heads up. It would be great to ride oil again, Hopefully it will have a good drop.
As per gold these news:
http://www.traderplanet.com/articles/view/170522-nugt-1000-incredible-profit-potential/
aren’t news in this forum.
The divergence in gains between NUGT 1.8% and JNUG 6.6% is something to note and wonder about.
Gld makes new high intraday. gdx/nugt, gdxj/jnug refuse. Potential profit taking by traders?
Something must be cooking. Gold is 0.22% up this evening and so tomorrow there could be a good jump.
The fund managers must make a leaving too and so it could be we are paying them very substantial fees.
Gary- imho you need to make more audios…
positive energy
Oil is clearly moving into a short term Trading or Daily Cycle low and perhaps a longer Intermediate low as well. But with a high on day 33, the chances are fairly high that this Daily or Trading Cycle will end up being Right Translated. Perhaps the next one will roll over quickly as I am showing Price is becoming range bound at the top of my Price channel:
https://surfcity.co/2017/01/10/wtic-oil-trading-cycle/
Copper also made an interesting move today. Is Dr. Copper telling us something here?
https://surfcity.co/2017/01/10/dr-copper/
surf, I’ve been waiting for it to build support confluence at the long term down trend line.. we’ll see if it gets there.. it bounced off some recent support today..
Sorry but I am not sure what longer term trend line you are referring to. Out of the top in early 2011 you can draw a line to the secondary top in later 2011 but this only gives you two touch points.
To each his own but the down trend I have drawn out of the secondary top or retest has a great many touch points so this is the more important line for me to follow. When that line was broken, that was the time for me to load up my IRA with good dividend paying base metal miners like RIO, NSU and BHP. All these positions are deeply green in my IRA account now and have been paying nice tax free dividends to boot.
Oh, my trend line is based on JJC, not $copper. Slightly different! thx for info surf!
Hopefully it’s saying silver is about to jump.
Yesterday and today NUGT, JNUG, and GLD had about the same weird behavior.
Perhaps it is due to the drop of the British pound, which is for a second time at the lowest level.
Shall it break support and dive in?
Pms could be setting up for some kind of retrace, after 2X rise in jnug? Next 2 days could shed more light. Most pm stocks unable to follow gld to new high.
On the other hand, gold is rising steadily on a very narrow channel to pause at $1225.
Gold at $1178.
Harry Dent is at it again. I just got one of his newsletters today, and he is now predicting gold will go down to $700 and silver to $10 by the end of this year. He then has the temerity to predict that gold will get to $400 or lower and silver to $5 by as early as 2020. This guy is a fruitcake. He graduated from Harvard in economics. What are they teaching over there! Well, I tell you, they are teaching Keynesian economics, which is a bunch of bologna. They need to teach the Austrian school of economics. When will this guy learn. His predictions have always been way off base and so ridiculous. I wonder why anyone listens to him.
Price is key all predictions, including my own, should be taken with a pinch of salt. A prediction stating 1500 dollar gold is just as far fetched as 700.
Harry Dent also forecast that the SM would collapse in 2016 (and every year before that). His predictions are on par with Alexandru LOL
Ignore all gurus. They make all kinds of outlandish statements to attract attention. It is safe to assume nobody knows anything.
While gold decides wht direction it wants to go take a look at the uranium industry. Restictions which have been in place since 2011 are bout to be lifted. Uranium mining shares, which have been beaten down even more than the pms are responding…. Worth a look
Nice move in ura today. CCJ also doing fine.
URA ETF is about 10% up this morning.
More divergences in gold +.3%, USD +0.3%, miners flat.
USX’ Swing Low! while EURUSD and GBPUSD render lower lows in their current daily cycle declines!
Gold shoul fall in its daily cycle decline.
MIND JPY’S RELATIVE STRENGTH AGAINST EUR, GBP AND EVEN USD!
I EXPECT ULTRA BULLISH, GARGANTUOUS BUYING OF THE YEN Y COMMERCIALS IN FRIDAY’S COT REPORT!
stocks’ last dead cat bounce (and Oil’s too) lies in the next days through early next week.
Gary when you say wait until weakly stochastics are oversold on oil does that mean under 20 and why do you assume it will reach oversold?
That’s what oscillators do. They cycle from overbought to oversold. Right now oil is overbought, so it may not have a lot of upside potential especially since the last three years have seen oil move down into its YCL in the spring.
Alex,
Do you think GBP will break support and go lower?
How high do you think USD will get today/tomorrow?
The market looks calm, perhaps waiting to gauge what Trump has to say at 11:00 AM ET.
Right now USD is +0.4% and gold/miners are oblivious to USD,
USD is rising, however, its candle length is about 60% of what it could reasonably do for the day.
So I would guess USD may reach its max by 10:30 AM, and then gold will go further up.
There appears strength in gold/miners in view of the 0.4% rise in USD.
Dollar recovering although jen staying strong, hence gold holding its own. Dollar at resistance here, so a push abouve 102.49 should see more strength. Most uranium shares have climbed about 30 percnt a day since new year, not sure how long that can last, maybe a missed oppertunity…….
NUGT can drop today from $9.54 to ~$8.8.
A new buying opportunity may happen then, or lower.
May be $7.50? To reset sentiment?
Now NUGT is at $9.26. Rule of thumb, after the open it may fall twice the current drop which is 0.28. Twice is 0.56. So NUGT at $8.98 and then add the extremist factor and we may indeed see NUGT at $8.8
So I sold a NUGT lot at $9.53 and rebought it at $9.07. Good.
Everyone here talking about gold and missing the uranium breakout
dip time for pms?
Actually, oil began its decline 2 days ago with a nice up spurt in sco. Cheers.
GOILD, i do not know how much USX is going.
All I know is that it is very probable that:
– USX and stocks to produce bull traps, hence higher highs,
– gold to retrace to 1161 or so
– EURUSD to go into 1.02 turf early next week where IT WILL BOTTOM
– JPY has already topped
– GBP to see great weakness.
error correction: USDJPY has already topped, I meant.
stocks, oil and commodities will not start their Yearly Cycle decline until XLE and crude oil will have confirmed their new daily cycles.
tranports are close to confirming this.
this means a top for SPX is due next month –> commercials are now loading their shorts in oil and SM; evidence will come on Friday’s COT 😉
sorry: top for SPX due next week
Alexandur you are full of sht why do you even bother posting when you are constantly wrong? How did that stock market scorch go for you ?
Crude oil most likely to deliver the DCL, an undercut today on inventory report – regardless whther the DCL lies later today or if it came yesterday, long crude oil makes sense as a 3-day swing trade after the report release.
GOILD, you asked me about GBP’s weakness…maybe you saw that yesterday and today it’s been showing some relative strength against EUR.
You should not be bother about it because GBP has been held back by the major support at 1.2081 –> after the break down occurs, GBP should dive like a rock!
WOOOW! So, it’s just happened: A VERTICAL DOWN-LINE ON GBP’S CHART 🙂 to 1.2040 in an instant 😀
One time I posted that this should shoot up soon…, not necessary trade gold if you got this NXT.V or NTCXF,
accumulated 72,000 units, should buy more instead of suckers metal…
etfs up today: ura, dust, jdst, dslv, gdxs, uco.
Thank you Alex, always waiting for your input…
GDX – nice bullish flag building on top of broken resistance which is now support. Once the current fib resistance level is taken out I think GDX heads north of $25.50 to retest the Nov high.
http://schrts.co/w3nWJ1
two back tests holding on support; nice!
Alexandru USD falling you are wrong once again. You are a complete joke with all your predictions.
Impressive action in the XAU today. Folks, Gary is right, this is a Bull Market – plain & simple.
NUGT catching a bid, nice.
Alexandur the best contrarian indicator out there!
well trump just took care of a rally in the laggard biotechs which was budding up until today. thought this would be last gasp for a equity top. So much for that. Still think we should top with option expiry however, how deep will depend on many times Trump opens his mouth.
Once Trump starting beating on health care that killed any further interest I had in the sector. It’s impossible to predict when he might say something that triggers a 3-5% sell off.
Next week is OE week. With pms starting to act up again, some fireworks into next week starting today?
Boom!
https://s3.amazonaws.com/tradingview/snapshots/t/tuBPyraA.png
we can say that again.
what?
ANYBODY knows gold will be up or down tomorrow
NUGT weekly: 4th week up, price above 10 week ma for 2 weeks. Macd curling up for a crossover. Stochastics moves above 20. Today’s retrace very shallow, only 1/2 of the depth of the previous candle. Encouraging.
little rejoicing with this boom in gold by miners and leveraged etf’s.
For sure. I am still negative for the day and gold on a big strong move.
Thank you, president trump!
Just got back to my computer and saw I had gotten stopped out w/ minimum profit out of my short GBP.
Now reentered short GBPUSD at 1.2220 — STOCKS AND USD MUST DELIVER HIGHER HIGHS, BULL TRAPS BEFORE FLAMING UP THE SCORCH.
These last three days there have been some big RATS taking money away from the miners.
When gold was at $1185, NUGT was at $10.4, where is the money?
While this forum has been puming the gold bugs full of euphoria, others have stated this is simply a bull trap and been advising to sell as gold aproaches 1200. Who is right, I dont know, but the miners performance makes the bull case questionable.
Gary you still there? Gold wants to attack 1200, not in the camp of Alex and these other bears. Today looks like the half cycle low in gold you have been talking about with strong reversal off the lows
Why does everyone keep saying that the miners are underperforming gold? The last time GDX was trading at current prices (early November 2016), gold was at $1,250. On that basis, the miners are far outperforming gold. See my link: http://schrts.co/8aMnIc
Indeed.
The obviously did during the long Bear but that all changed in 2016. Just plot a chart of the $HUI:Gold ratio or $XAU:Gold and you will clearly see that the miners have broken out of a downtrend of underperforming gold since 2003.
Great:
– transports have just confirmed the new daily cycle
– utility stocks charted a swing low in anticipation of treasuries’ daily cycle decline,
– crude grew post inventories report
– USD reversed some of trump-generated volatility today
– while stocks reversed all decline generated by trump.
Next short term – till Tuesday:
– new highs for USD and stocks
– utilities up
– gold and treasuries in decline
– oil and XLE up to confirm their new DC.
Bitcoin – Scorched, down $375 in a week.
Who is buying bitcoin now?
Alex. that ‘scorch’ thing is getting old and foolish sounding. Your insistence that there would be a stock market ‘scorch’ was dead wrong. Give it up.
Gold behaving exactly as planned, regardless of the news!
Last Friday before 8 a.m., I was “short term bullish” on gold, until the forthcoming DCH completes. Friday’s move down was the beginning of wave 4 — looked so dramatic in the miners, but the short term bullish outlook has remained for me, while remaining on the sidelines — best place to spend wave 4!!
I thought of taking a position in miners Wednesday, but the price action was just too confusing. Then wake up Thursday, and it’s so clear — fascinating running triangle in gold!
Turns out yesterday’s low, 1177, was wave C — it gave me a lovely divergence. Then waves D & E ended very quickly (as they sometimes do), and wave 5 began…
BTW, the divergence occurred on my short term chart, one degree lower than the 20 day SMA chart I use to monitor the daily cycle. Missed it by a fraction of a sliver of a whisker on the latter chart.
Post-triangle, looks like gold has either just completed its DCH, or will do so shortly. It would be hilarious (mathematically speaking) if it topped out a penny below (above) the May 30 low 🙂
hi zkotpen,
if you get the chance can you repost your ideas / links to info on the triangles you talk about.
Was interested in your ideas but never had a chance to follow them up.
Gold needs to get over and stay over $1202, if not maybe reversal…If ot stays over next target $1225….
Hi from Lies from down under.
Your all asleep. Gold just hit USDS1205. Last 5 trading days USD 1163 to USD 1205. I own Aussie miners in the GDX. In the last 5 trading days the price has moved from AUD1603 to AUD1606.
Please send your tissue’s to Lies in Canberra.
GDX up 3 pre market maybe starting to move. I think traders are skeptical concerning gold around the 1200 , many s´´expecting a fall at this levellevel hence very little miner movement. I think if gold can climb here and hold above the 1208 mark we should see the miners take off.
Uranium the sector to be in at lest till the 19th.
True, the DC should peak around then, but for those who aren’t short term traders, like me, I just let the daily cycles come and go. So I’ll hold my URA.
Alexandru is by far the worst forecaster. Have you noticed how almost everything he predicts turns out to be wrong? This guy is hilarious. Only a fool would continue to post his predictions so everyone can see how wrong he is yet that does not stop him from posting. What an ego.
My view ( independent of Alex) was that the Dow & S&P would fall at some time into mid Feb with a chance of extending for a month or two.
So I am expecting some sort of scorch as well (in some sectors).
For the fellow who will be in charge by that time with the ferret skin on his head would you like me to send him some black swan feathers to poke in between so that he looks like a chief.