49 thoughts on “CHART OF THE DAY – PATIENCE

  1. vrancovich

    gld is not going down as much or at all as it “should” when the dollar goes up.

    this has been going on for quite a while, with the huge run up over the last couple of years gold has held up really well. i wonder what happens when the dollar enters a bear market.

  2. Option Trader

    Gary… thanks for keeping your eye on the ball, as you always do.

    SLV going much higher
    BAC going much higher

    1. Gary Post author

      Maybe. I’ll need to see what happens into the close and also what happens tomorrow before try to call a mild DCL.

      1. ras

        Not a cycle expert. There could be a bit of pull back in gld to a higher low. Going down below today’s low may not be in the cards. The rest of the week likely base building time with an upward bias. Dips being aggressively bought.

        1. ras

          Since mid December low, $hui pulls back for the 1st time to 200 ma in the 1hr time frame, very constructive technical action. Likely, this is the DCL you are looking for.

          1. Gary Post author

            Maybe. I don’t tend to trust reversal candles in our modern markets. Seems like more often than not a reversal candle just gets reversed the next day.

            I’ll need to see the close and tomorrows action before I try to call a mild DCL.

  3. Option Trader

    TLT is fighting to go higher but at major resistance.
    I have April calls in my virtual trade account because I have no confirmation yet.

  4. WallStreetJesus

    I wouldn’t bet on the metals going much lower. Buyers rush in every single time there is any kind of a dip. Even a strong dollar isn’t keeping the metals down.

    The next move will probably be higher and they way things act – much higher.

    1. terrywg

      Well Gary sold his model portfolio at market open… so I’m sure he wishes you were dead wrong.

      Gary, it’s pretty funny when you sh*t on the “day-traders” like me who trade the price action, when you seem to do exactly the same… except worse. Your past few trades have shown a pattern of selling into weakness and buying into strength.

      1. Gary Post author

        We only exited the leveraged trades that we had been holding since Feb. 5. Hardly a day trade.

        We have a decent gain on those positions and I don’t want it to turn into a draw down if the DCL goes deeper.

        Still just holding the unleveraged positions as they won’t suffer near the drawdown during a DCL that 3X will.

        Classic example of a troll massaging the facts to fit his agenda.

    1. WallStreetJesus

      Buyers rush in every time the metals dip, even with dollar strength.

      All you can say is – WOW!!

    1. Pedestrian

      That bounce back after today’s decline isn’t bullish at all. It is merely a corrective move in a larger bearish pattern so I would not be a buyer here at all.

  5. ted

    Putin buys 1 million ounces of $GOLD in January (Source: Zero Hedge).

    Ted is still long stocks, and not Gold (Source: me).

    1. WallStreetJesus

      I think the fact the metals sell off but don’t stay down must mean something and I don’t think its bearish.

  6. WallStreetJesus

    Dow 30K next week…..

    Anyone shorting the market …..RIP

    The American Dream (DOW + Bitcoin)

    The dollar is about to start ripping higher, not that it matters to gold anymore.

    Oil is in steep backwardation, apparently oil traders are quite worried about a supply disruption.

    Maybe that black swan is about to take flight.

  7. MattyMan

    Yeah, wow, I wanted to be bearish, but gold is just acting so resilient… I just sold my JDST… and now looking at JNUG…

    What do you guys think of entering a trade like this with the FOMC minutes coming out tomorrow?? Wait it out??

  8. WallStreetJesus

    Yikes I just bought some silver. Yes, yes FOMO!!

    If silver doesn’t drop now then we are truly in a bull market.

    Generally it doesn’t take long after I get in for the crash to begin.

    1. KHT

      Yikes!! Bought some the other day and added some today.

      Say WSJ, why don`t you load up on some SPY so I can get short?…LOL

      1. WallStreetJesus

        Haha the stock market reminds me of the dot.com bubble where it just goes up every day for no reason. The dot.com bubble went up for a lot longer than I thought it would so I am staying away from the stock market.

        At least if silver tanks I have something I can use for a door stop.

        I can’t believe bitcoin is back over $1,100. How is this possible that something someone created out of thin air has this kind of value.

          1. Pedestrian

            Like virtual sex. All imagination and no flesh on the bones. Everything is fake these days. Just scattered images across the screens and mixed up bits and bytes that only a computer can decode. Hell, nobody even talks to each other anymore. Its all awkward silences in elevators except for the chirping of keypads on a cell phone. What a world.

            What we need is more mud wrestling.

  9. Option Trader

    I’m very happy with SIlver’s close. The bears were not able to break it down.
    The price of SLV was defended at 17.04 which was strong support.
    The daily candlestick for SLV was green and in the midst of fighting its 200 DMA.
    The bears were not able to pull it off, which looked like the start of horrific day.

    GLD looks strong, staying above its 20 DMA and above its multi month C & H pattern.

    1. WallStreetJesus

      You left something out of your post:

      fomc 3/15

      by then gold will be at $1,400 and silver over $22.


      gold will be <$1,000 and silver will be back at $10.

      1. MegaMind

        IF you think this is a bull, you can pile in… if you are bearish like me for a short term, you can short it… good luck to both bulls and bears (more for bears for now)…

      2. KHT

        …”gold will be <$1,000 and silver will be back at $10."….I WISH I would be that lucky to load the boat heavier at those prices. 14 or there abouts seemed to be the floor for silver lately. Spot may have been lower but try to buy it (physical) for that price. Not a chance. I see 1050 as the floor for gold. The price to bring it out of the ground.

  10. Option Trader

    I think tomorrow is an important day. GLD has a bullish cross over on the MA’S ocurring. We need follow through tomortow or a longer pullback may be in place.

    1. MegaMind

      We are a critical juncture right here for the next few couple of weeks…metals need to rally hard now or they will fall

  11. Goild

    Tomorrow is a Tuesday and can be a strong day, either way.
    I agree, tomorrow may decide the fate.
    It appears to me that the odds are against gold/miners as TIP is still in a channel and USD is above
    the daily averages, trending.

    1. bginvestor

      Goild, USD is on its upper resistance channel from my charts.. If it breaks higher, I’ll be expecting a more defined miners DCL..

      However, my bets are it falls (USD); miner’s up..

  12. Goild

    Since the last five daily Gold candles (in Investing.com) sit in a horizontal line, GOLD must be waiting for some news/event to decide its path.

  13. HomerJ

    GLD calls bought for 8-12 cents should not get anyone excited. Less than $31,000 premium, it’s a lottery play.

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