SCO

The Suspense is Killing me

Washer’s Weeds 25/3/17

Bottomz Inn?

Technicals for Gold Miners Remain Weak

Technicals for Gold Miners Remain Weak

Celebration

Goldtent is a Global Village

Earphones on.

The Odd Couple

Since the great Gold Top in 2011….Gold and Yen have been Locked together.

Gold in Yen has basically flat lined for over 5 years.

Gold goes up and Down in similar percentage moves as the yen goes up and down…so Gold in Yen is FLAT !

Why ? I dunno !

The Japanese Yen is as Good as Gold !

This Co Relation makes NO sense to me but it is the strongest co relation ever !

The Yen is in an Uptrend right now, having broken thru a downtrend

Higher High and Higher Low. I wonder how many Japanese know the have Gold in their wallets ?

=

Gold Cycle peaking now

It would take a daily close above 85.59/XAU to turn the intra-month trend up. The XAU’s failure to do this is increasing the potential for an imminent peak. That is corroborated by the weekly LHR that was tested last week, increasing the potential that an intermediate peak could take hold at any time. This remains in the context of a larger-degree decline that could last into early-May 2017, the next phase of a 19-week high-low-(low) Cycle Progression. A secondary peak would ideally take hold at the midpoint of this expected decline (~March 20–24th) and create a corroborating high-high-(low) Cycle Progression targeting early-May.

1243

There is 1243 again.

Armstrong wrote this earlier:

“If gold closes March below 1243, this will warn that a correction into May is possible. This has been merely a 3 month reaction so there is still nothing to write home about just yet. Today, gold MUST close above 1245.50 to hold on to any gains.”

Juggling the Cannoli.

http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&b=5&g=0&id=p07293395516&listNum=1&a=514609705

 

Right, I was asked by our moderator (Have you met Fully?) that I needed to get a Stockcharts account, to start charting. I was trying to use the hourly chart to convey a few thoughts but it wouldnt let me intraday. Now the day is done, I may see if I can get in. *Have tried again to no avail*

 

Right so I’ll talk about my lower time frame thoughts and how it ties into the very basic chart I have shown.

 

So on an intraday basis (Hourly) chart I have seen a diamond pattern of sorts developing, within which is an IHS. The Head to Neckline distance being 11 dollars (1240-1251) which will give us a price target of 1262. Here we see a convergence of resistance which I feel is going to hold. This would give us a ‘Double Top’ formation. This is what I have tried to show in the chart above potentially developing. I need to get better at this charting lark. Where are the arrows!

 

Right so the price target of the Double top would be from the top to the neckline (1262/3 – 1195) which is a difference of roughly 68 Dollars. 1195 – 68 takes us to 1127 (only 4 dollars from the ‘YCL’ in December.) In for a ride for sure, with more twists and turns on the way.

 

This ties in with Surf’s cycle view of the cycle topping pretty soon and that could be on an intermediate degree. 2017 seems to be setting up to be a sideways year. BORING!