101 thoughts on “CHART OF THE DAY

        1. Dday

          And what if you do? Turn your computer on in two years and gold is $700, maybe maybe not. There really are no guarantees,…….

    1. Paul

      Holding Cold Turkey is ok, if you have a good entry and a stop loss in place… otherwise it is waste of Time and Cash- JNUG- SUPPORT- RESISTANCE- PIVOT= JNUG R3 9.95, R2 9.13, R1 8.71 PIVOT 7.89 S1 7.47, S2 6.65, S3 6.23. No buying with this No Day trade or Swing… could not even briefly cross Buy Pivot at 7.89… stalled at 7.84 and keeps making Lower Lows- p

  1. Option Trader

    Here we go. The extensive pull back that I’ve been looking for. Push all the Longs off. And away we will go.

    1. Gary Post author

      Too many conflicting signals for me to tell right now. So I’m just going to sit on the sidelines until the summer ICL.

        1. Gary Post author

          I don’t know at this point. I know I don’t want to try and pick a bottom right now ahead of the fomc meeting though.

        2. Paul

          I expect it be correcting or basing sideways into April… GDX is in 4 th Week trending down or sideways – with a Rip into 50 MA to take out stops… It might take all of March to Retake 20 MA and 50 MA. For Day Trade or possible Swing Trade use Pivot Points on Days Making Higher Highs and Higher Lows from previous day- along with Stop limit- good luck- p

  2. mark miller

    I can’t believe anyone still has the audacity to question Gary. Gary is without a doubt the Jesse Livermore of our time. His calls are spot on. He says he doesn’t have a crystal ball but I think he does, or intuition or magic or just a glaringly superior vision of the markets. In simple terms: He is a trading God … light years ahead of everyone else. Look at the portfolios … REAL TIME calls that are up over 150%. Warren Buffet should be calling Gary for investing advice.

    Sure, some of you will complain that there are holders of JNUG at $23.00 but remember: Gary practically begged on his hands and knees for everyone to get out at 1275. If you did and then followed his calls, you are millionaires. If you failed to get out at 1275 you still may become a millionaire if you can hold through the wiggles to $500 or even a $1,000. Unfortunately, you are not Gary so you will not be disciplined, dedicated and absolute in your investment calls but I assure you Gary will attempt to hold your precious hands and coddle you through any draw down but for some reason I have a feeling you will sell at the bottom then attempt to blame Gary for your loss. Human nature never changes unless you learn from a master such as Gary.

    1. Dday

      So assuming the simultaneous dumping of silver was not manipulation, as banks have clearly already played that card…Then its not looking good for pm’s. Thoughts?

    2. WallStreetJesus

      The only surprise was they pulled it off during the day. In the past they generally did the big dump during the night.

      Once again the commercial silver shorts win.

        1. Crusader56

          They have great timing, wonder which web site comments they are reading intraday..

    3. RonL

      Dude if you watch this crap, no wonder you can’t make money in metals or stock market. This guy makes no sense.

  3. Option Trader

    this cracks me up

    This is exactly why less than 5% of all Traders make the big money

    1. BestOfLuck

      Are you buying Silve yet? 20 day MA is here…..

      I am thinking maybe Friday would see a small & final down day and then good to go.


      1. Paul

        SIL BREAKS 2O MA on Feb 24 with Big Red Candle- not a Buy Signal. SLV breaks 20 MA today with Big Red Candle- not a Buy Signal. Buy Signal come with Big White Candle taking out the 20 MA along with Rising CCI. Both SIL and SLV have falling CCI on daily- Sell Signals… Look at the Charts SIL and SLV Dec 29 through Jan 03, this what a Healthy Buy Signal looks like… Price Action Above 10 MA, 20 MA and CCI Rising above -0- after being down for a long time and eventually they move up and take out the 50 MA… *** I would Not Buy any Lower Low Price below 20 MA as it stay down for long time… take a look at ERX- p

  4. Pedestrian

    If I get my price I will be buying NUGT before the day is over. As always it will depend on the charts but right now I am OK with getting long for a bounce back in the next day or two. Looks like I will be correct on silver after all. It has taken weeks to bottom but in a day I recovered most of the underwater position and in coming weeks it should be profitable. No banging on any drums though since the trade is just a little fish but better to have a win than a loss.

  5. Robert

    What! No position till Summer? Clearly you are not confident of a decent bounce out of the DCL then Gary. Or else you would at least look to take an unleveraged position

      1. Pedestrian

        I decided not to buy at the last minute. NUGT failed to meet my minimum criteria for an early entry by just a couple cents so its a hold until tomorrow.

  6. Rubina Ratnakar

    RSI(21) on the hourly chart for Silver sitting at 19.26. I just checked, and silver rallied 10+ percent every time it saw sub 20 readings…at least last 5 times that I checked..

    1. Paul

      I recommend using CCI on Hourly Charts instead of RSI (21) do a google search and on CCI indicator- stockcharts has a good explanation on how to use and in my opinion is better than RSI and above all else… remember… oversold is not a buy signal and can remain oversold for a long time- good luck- p

  7. MattyMan

    Good call, Gary. If the SM corrects for a couple weeks, then gold could do okay, but I think there is more pain ahead for the miners… Then once SM is done correcting, it could be down for gold and the miners… Easy money is done for a while now with them… Think they need to consolidate for a while, maybe until – like you are saying – the summer… After possible correction starting now, best money could be in SM from mid-March to May…

  8. WallStreetJesus

    There has been a lot of folks waiting for a pullback in the metals. I hope everyone is taking advantage of it. Yippie, yippie!!

  9. Goild

    Hi guys,

    Sorry to hear some had losses.
    I sold my reminding 5K JNUG shares at $7.7 essentially given back some of yesterday gains. In my day trade account I recovered the $1280 I lost at the open and made some $560 for lunch. I am also looking to a further drop to get back my 5K JNUG shares. The time to buy should be around 3:00 PM when JNUG reaches about -30%.

  10. Goild

    I do not want to pretend I am cool.
    On Monday I lost $32K and so far I have recovered $16K.
    I hope to stop doing stupid catching the falling knife.
    Though today I made the money not shorting buy catching every one of the pull backs
    of the falling knife.

    1. bginvestor

      wow, 32k.. about the same cost as my new 2017 Tacoma..

      becareful and make some $$..

      good luck.

  11. Dday

    Please Gary a comment on the dollar. Where did you expect the dollar to be by now?
    Is the dollar performing as you expected? If not, why?

  12. RonL

    Looks to me like capitulation in the metals and miners. Should see a big reversal soon. Charts I am watching both HUI and XUI in a large oversold condition. That will not last long. Have not seen %bulls/bears numbers but it has to be close to 90% percent bullish at this point. I have been adding to my position today in miners and will hold even if Gary seems to be scared of the metals now. That should tell everyone we are in an extreme bearish condition. Appears the big boys have even got Gary afraid of the metals now. Time to buy””” Summer will be to late to buy.

  13. Goild

    Probably not a good idea to buy JNUG today as GOLD needs to further fall a bit.
    The sentiment must be terrible. The smart bears must have a big party.

    1. Pedestrian

      No Goild, it looks like we bounce from here. Probably beginning right after the close today. Gold does have a pretty clear break on the support line though but take note silver did not confirm (and is still on support as of when I am writing this) so its not exactly lights out here or anything. I suspect we get a head-and-shoulders top on gold before it really goes down for the count. I actually see some pretty bullish reasons to buy for the short term. Now I could be wrong about that and as you probably know I am often a little early but its almost a go for at least a little bear rally. NUGT is coming up to its .76 Fib which looks good. Anything below 8.00 is a nice buy though (In my opinion naturally).

    2. dboz

      Someone really does not want anyone to be buying or making money in miners. This is truly bordering on ridiculous at this point. It defies any logic or common sense. This cannot be normal market behavior.

      Unless, we are at the bottom and just like Gary always says, people sell right at the bottom and never make money. Today is capitulation (I hope). I lost more today in one day that at any point during the downturn last year.

      In other words, this has been brutal to say the least. There truly can’t be any bulls left at this point in miners. The segment is nothing but scorched earth. EXK down 25% on a 5 million dollar quarterly loss after a yearly profit and silver is now much higher than it was last quarter so the current quarter should be profitable.

  14. dboz

    If this is not the bottom, 1231.45 and 17.74 or so, then I am going to have to bail out. I lose any chance of remaining bullish lower than that. I am thinking this is the bottom. Things really break down from here and there is no bull market IMO. Bull markets have to have upside not massive downside after minimal rallies. I sold JNUG in early January for more than it sits right now with gold and silver much much lower than present levels. The only bad thing, there is just no volume in these moves for individual miners which makes me think the ETF’s are the real driver for this crash.

  15. Option Trader

    Best of Luck,

    Now that we’re at the 20-day moving average, I’m waiting for a reversal day With buying into the cLose.

  16. Pedestrian

    Kind of cool. Looks like we lost all the trolls in the last few days. I mean the guys who keep harassing Gary every day. Very interesting. Did they all get squashed when metals fell this week and then stop posting? Whatever; this place seems back to normal again. We can all appreciate that.

  17. Dday

    So here is the daily chart showing an RSI(5). I have highlighted what has happend (frequently) when RSI falls below 30. Funnily enough, this was never mentioned in any of the posts from the past couple of months…
    What do you think?


  18. bill

    Closer inspection looks like the XAU made the right shoulder… least we make some rash decisions…im out of DUST…yes DUST… I may be long but im not dumb 🙂

  19. Goild

    I got 2.5K of JNUG at $6.35.
    NUGT is at $8.33 and the differential is $2 which tells JNUG overdid the fall.
    Tomorrow I will sell after the bounce.

    1. dboz

      This is the one time I am really hoping for a MASSIVE QUICK DECISIVE bear fur burning reversal. Like max pain sort of move. Straight up quick. None of the slow grind crap. Just impulse up and gone. Fry the bears. I am really beginning to hate them immensely. Massive losses this week since the tank on Monday. At least last year it took weeks and months to lose 30% It is happening daily now, every day. Can’t believe you feel another 20% drop is warranted. That would put JNUG below $3. It would be a complete washout over a one week span. Decimated. Of course starting to think that is the plan.

      1. Pedestrian

        Time for the cat-o-nine tails Boss. You need to punish yourself first for not heeding the bear warnings that came to you liberally, free of charge and in enough detail even a child could understand.

        1. dboz

          Yep, starting to look that way. My accounts say it is definitely a bear. No way can a bull market in miners have so little upside followed with such massive downside. Miners did not even pay off with large metal gains the last few weeks. Figuring gold takes the smack down tomorrow to completely wipe out the sector.

          There are no more buyers, they have been clubbed enough and gone away. Bear volume is monstrous as they are rewarded over and over with no punishment. Bulls are punished over and over again with no reward if you are long and investing vs. trading. Lots of bag holders still from last year. Bears enjoyed 5 years down, bulls 7 months up, then bears got 5 months down, 2 months up for bulls, then a 3 week beat down for bulls and bears get most of their 2 months of losses back in 4 days.

          It can’t be a bull when the down side is greater than the upside. 9 weeks up out of 7 months down sounds like a bear with a counter rally. Hate to say it but it’s staring right in my face. According to the GDX chart above, we made a lower high from November. Gold may be in a bull, miners are not for sure.

          Gary called his trade exit well. Buy and hold should work in a bull and fail miserably in a bear. Timing mistakes are not being corrected at this time, they are brutally punished. You should be able to buy the dip and get rewarded. The dip gets dipped then dipped then really dipped. I bought CDE after the earnings beat down, down another 15% from there already. Maybe they just suck as a company?

          Capitulation could come for me tomorrow as I fear another cascading drop after the gold smack down. The sentiment is worse now than December. This is the largest divergence in GDX and gold ever. 20 dollar drop hits miners like it was 100. No way that is healthy or bullish. The sector is just too beat up to succeed right now.

          Dollar, yields, yen, markets, Fed, all against it. Sorry for the rant. Just max frustration. Too much invested time with no payoff.

  20. Gary Post author

    Folks doing nothing is a perfectly acceptable strategy. You don’t have to try and pick the bottom.

      1. Pedestrian

        You still have time to buy it tomorrow by my way of seeing the charts. I have to admit it looked enticing and I came close to buying but something was not quite right by me so I am waiting until tomorrows open and then it gets another kick. Personally I think its going to base a little first and there may be more than one good time to enter since bottoms can often run for days on end before changing course.

        In other words, no rush. We didn’t miss anything yet.

  21. KHT

    Todays daily volume in JNUG was I believe a record 93+million with a red candle. I`ll consider placing a tentative long position when the DEC low of 3.77 is reached. i`m really having a hard time seeing anything remotely bullish right now in the miners.

  22. Goild

    Well I added even more shares and just sold them to end up more green.
    It seems I am learning.
    I agree with Gary, if you are not knots and a risk taker like myself, then be very prudent. Let the miners settle before getting in.

  23. Pedestrian

    Some time tomorrow we may get a better bottom in GDX although knowing how markets work the entry won’t come until late in the day when everyone is exasperated and bearish as hell. Its at that moment just before the Friday close that selling sometimes gets most intense. Like in the last hour of the day when you see capitulation selling before the weekend arrives as traders fear what may be coming Monday morning. My suspicion is the day starts with a bounce but is followed by a decline into the close that puts the fear into trader hearts.

      1. Pedestrian

        Well sure Boss. But not in my case since I played this well enough even if not to perfection. What I mean is that I stayed on the right side of the trade over the past months and stayed out of trouble by remaining objective about the charts.

        I could have done a lot better if you like to know. Especially given the outcome so far. But my emphasis on short term trading with a central belief we are still in a technical bear market in metals has served me well and I only have a single minor losing trade in 2017 as a result.

        Even that one will end up going into the black in the coming days so I am pretty much stress free and ready for the next fight. I think it just boils down to risk management since my wife will assure you I am not particularly smart!!! The basic idea is to trade metals only over brief time periods where strategic opportunity arises being both long or short as the case may be and staying mostly in cash otherwise.

        Its not complicated and it allows people like me with a short attention span to stay interested. But mainly it means I am not ever too heavy on any trade that might take a sudden bad turn and leave me underwater. I still think its possible gold and silver see their old lows. But since I don’t know for sure I will just invest according to the prevailing direction and not try to get too cute about mixing up my beliefs with my actual trades.

        Just so you know I am buying the reflexive bounce that could come at any moment. If it turns out to be a play that caught the actual bottom then all the better since I will be onboard. At this point though I am looking forward to the next turn in miners and gold rather than trying to catch more of the decline as I think I already milked that sufficiently for now.

  24. Pedestrian

    Copper anyone?

    Well it was down today along with silver and gold. About 1.8% to be exact and if my senses are any good I would say its headed for a decent fall. But do the miners agree? Well you can look at the following chart and maybe answer that yourself.

    Does this copper miner say its about to fall out of bed or will it bounce from here?

  25. Barry

    The line on the chart is drawn at $23.63 instead of $22.63:
    “Set trade triggers to sell both positions if GDX hits or goes below $22.63.”

  26. Goild

    Tomorrow is pay day.
    The SM may come up and then it would be a good point to short it.
    There is no support for silver in sight.
    GOLD next support is at the critical $1220.
    So tomorrow, as Ped says, wait for an afternoon drop and then it might be a good place to load shares.

    The manipulators did quite a good job of cleaning both bears and bulls.

    There is hope to make money in the market. Play smaller amounts till you have your system fined tuned.
    Aim at trading well, and not to make money as it will come by itself if one trades well.

    1. Pedestrian

      Well, GDXJ and GDX and the HUI all exceeded their 50% lines today (based on trough to peak rise since late December) so that puts the .618 Fibs in play as the next possible turning point. For GDXJ that would be 33.57 which is just a dollar below today’s close and for GDX the same Fibonacci is 21.50 which is similarly just .43 cents below the days ending number.

      So we could be very close. It could wrap up Friday in fact and I suspect it might depending on Janets soothing words. The .618 Fib to watch on the HUI is 185.66 and that’s just 2.67 below our close today.

      Bear in mind that Fib’s can be a little subjective depending on how you calculate the bottom and tops of a run so there is always a little wriggle room plus or minus on the numbers. But you get the idea I am sure.

      1. Pedestrian

        As an aside, any bounce that comes is nothing more than a bear market rally in my opinion and should be sold at the next peak, not held for the long term. Both GLD and SLV will most likely post left translated peaks marking a double top before the trend downward continues. My charts tell me that the bloom is off this rose and all we are going to get are last opportunities to either escape underwater trades (if you are unfortunate enough to own any) or a better set-up to get short once again after this bounce. Sorry for the bad news people but the the future of metals is currently in doubt for the remainder of this year based on the channels visible on weekly charts.

  27. earthkitten

    History will repeat again. All the talk about March rate hike takes
    the metals down. Fed hikes in March & boom. Metals soar again.
    Ala December 2016 & December 2017. Same thing will happen
    later this month. Sidelines until the summer. Uh. That would be a NO.

    1. vin

      earthkitten Fed rates don’t matter much. It is the 10years and 30years yields one should worry about.

    1. Gary Post author

      No one should be trading 3X funds in the metals ahead of the FOMC meeting. In fact I wouldn’t try to pick a bottom ahead of that event.

      1. vin

        Gary, why should one worry if jnug and nugt are headed to more than $500? Or, are you changing your forecast?

        Please advise. Your advise is important as I hold jnug. If you have changed your mind then I would like to cut short the less.

        1. Gary Post author

          As I’ve said it will take at least 5 years for it to get there and there will be lots of huge drawdowns along the way. How many of you would be able to hang on through an 80-90% drawdown along the way?

          The answer of course is none of you. So don’t hold one of these thinking you will be able to make it all the way to the top. You won’t. You will panic out at the bottom of one of the huge drawdowns.

  28. vin

    10years yield up>>>>>>>gold down
    10years yield up>>>>>>>gold down

    1. Ed

      I would not look too much into 10yr yields. They don’t even correspond with its own bond price. Sometimes I see bond price going up while yield going up same time.

      I just look at bonds as one of three major investing options. Stocks, Bonds, and Precious Metals. They never always positively or negatively correspond each other.

      When 10year yield goes beyond 2.6%, you can very much bet money will flow out of stock market and go into bond market and gold may become less attractive asset class. But if bond yield keeps going up, the both stock market and bond market will tank. Then only safe haven precious metals will shine. Sametime, if you remember last year when Japan went negative yield Gold shot up like a rocket. So you really can’t tell.
      Same with FOMC rate hike, even if there is a rate hike, I would not bet that Gold price will go down.

      I consider trading as Arts, not Sciences. You can’t predict accurately what the outcome will be just looking at charts, ratios.

      I like to come over here even though I hate to endure braggadocio of how some people here boost all the time. It’s been learning experience.

      1. Mac

        The dominant correlation between 10 Yr yields and gold prices is absolutely negatively and, by definition, yields are always the inverse of bond prices. Unfortunately though it is not as easy as yields rise and gold falls as most retail traders would like it to be. There are other things that factor into it as well like the prevailing correlation with the dollar as an example. My posts here are not intended to insult people but rather to try to challenge people to learn the basics of how markets work. Most people think that they understand these things but I can assure you that most of the comments here show a lack of understanding of even the basics. Most people here would rather argue or be spoon fed information rather then pick up a book and try to figure out what they don’t understand. I’m amazed that not a single person has ever responded to one of my posts with an intelligent question that shows that they are trying or willing to learn. It’s great that you are coming to this site to learn but it is absolutely the wrong forum if you are trying to understand how markets work. Please just consider what I’m saying and keep an open mind in your learning.

  29. earthkitten

    You may not pick the exact bottom before the meeting, but you
    do want to be long going into the meeting. 80% chance of rate
    hike. (Yellen going to crash the economy) Check your history.
    Last 5 times Fed hiked, gold took off. Waiting for summer will
    miss a huge bull rally. That’s why so many will not make a dime
    in this new bull market.

    1. Pedestrian

      You go ahead and do that Earthkitten. But there are no guarantees about what will happen to gold after a Fed meeting and some people here are already so beaten up the last days I doubt the idea of gambling on a Yellen speech is very appealing to them. For all you know gold will drop another 20 dollars and inflict even more pain on the longs.

  30. Goild

    I am not sure that a rate hike will right away send gold up.
    Last time in December after the rate hike gold went down first to then reverse later.
    It does not matter.
    A good trader makes money regardless of the market direction.
    All what is required is volatility filled with peoples emotions.

  31. Goild

    Keep in mind that in previous selloffs it takes some time to consolidate.
    Gold is still above and has a lot of room to fall.
    We do not know where is this cycle bottom.
    In a fall like this it is likely that the bottom will be hit a second time as a trap before reversing.
    So to get in and be wise one can wait for the bottom to appear and wait more for the second bottom hit.

    But I love to play and will find a way to make money tomorrow.

  32. Ed

    I agree. Taking position before major news event can be very painful but same time that is where you hit all the jackpots, too.

  33. chrisG

    Whoever that says that silver is being manipulated last night in a dump is really idiot. Why? Cos do u really believe silver can hold up despite days of gold weakness, days of PM miners weakness, days of dollar strength???

    In fact, one should be saying silver has been manipulated to stay firm for so many days. Even when gold and miners were already showing weakness. U can never reason with a silver or gold bug. They can never see logic.

  34. Dday

    Now golds dropped through 30 RSI(5). I would say get ready for a hammering… Stochastic needs to become oversold before gold bottoms. As the miners led gold I would say logically they will bottom first….Only my thinking….


  35. Goild

    Good morning.

    What a punishment!
    Though I just got 3K JNUG shares at $6.06 as I see a easy money for lunch in a bit.

  36. Pedestrian

    I’m thinking gold and miners became so oversold so fast that a bounce really is called for here. Check the RSI for example and that has bounce written all over it. So in all probability we will see gold make a Head and shoulders pattern before its next big move down. And it means bulls have a chance to get out of positions with less damage.

  37. Goild


    I enjoyed your post above bonds. People here have suggested to come with a brief post summarizing bonds.
    Would you have the inclination of preparing a post about bonds?

  38. jeffd5584

    PM’s and their stocks are left to fend for themselves while the headline indicies are protected at all costs.

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