USD

hitting top of equidistant channel off the 08 lows fwiw

http://scharts.co/1uCURxj

Matrix Checking in from London

I’ve been in London for the past few days, last eve I had drinks with an old friend who is still trading for a large UK bank, they are seeing a lot of interest from around the world regarding Sterling positions with the coming vote in play, many have covered their shorts already…… waiting to pile on depending on the outcome reaction., long or short.

There is a lot of concern towards the outcome and its effects on UK real estate and interest rates .

Would you please post this at the forum as its a great outline regarding $YEN.

http://www.efxnews.com/story/26077/where-will-usdjpy-end-year-outlook-forecast-jp-morgan

Good luck to you all holding full positions into the Scottish vote, perhaps taking some profits would be the play if not, full attention is advised as gold may pop and adding to our short positions could be at any back test $YEN creates…. if any

weekly gdxj:gld

looks fairly well, not sure how we have a new high in volume on a monday..

http://scharts.co/1uBjcDN

Reversed back to long.

Lost 1% on my short.   HGU at 8.75

Miners are telling us something.

 

sc

Miners predicting a bounce?

sc

NG consolidation…When this pattern breaks should be tremendous move…

UGAZ 60

UGAZ HIT TREND LINE AS EXPECTED…

UGAZ

A DIAMOND IN THE RUT

RUTDIAMOND

TZA TIME SOON ?

More Yen Charts

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RAMBUS YEN TARGET MET…Positive Divergences at GDX Double Bottom…

GDX 60GDX DAILY

Japanese Yen

I pulled out this yen Chart posted by Rambus a few weeks ago

Well…we HIT the Bottom Line to the penny …so…point 4 reversal is complete

XJY-DAY

NOW WHAT ?

Do we

1… get a small bounce then drop and blow thru that line (probable)

2….blow thru that line without a bounce (less probable)

3….Bounce as a point 5? and go on back up to visit the top line (possible)

whatever happens this is an important line ….thanks Rambus…its uncanny how many of

your lines hit

yen

Jdst 60min

jdst

What IF we are only Halfway to Hell ?

yen

Sheesh

Weekly $HUI without annotations

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RSI below 50 and falling (still lots of downside)

Back below 65-wk MA (moved above summer 2014)

MACD cross from just above “0” line

Slow STO rolling down

Sellers “take Control” ADX (need follow-through to confirm)

Williams %R moving towards -80

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The positioning looks familiar?

Peter Brandt…Silver Bulls are Idiots

Meany

http://peterlbrandt.com/

Friday funnies….

Jim @ bo

Bo: You said I was the one.
Jim: You deceived me.
Bo: All my plans for us….
Jim: Never like you say.
Bo: This time I’m sure.
Jim: Whatever.
Bo: Can we just, you know, one more time?
Jim: No.
Bo: KWN still wants me.
Jim: And I have the dogs.
Bo: You’ll miss me.
Jim: No I won’t.

What a week

the pattern that was:

grindem

looks like accumulation, huge volume end of day and low volume the remainder. bwthdik

Washer re perplexed

am looking at the xau:gold breakout of the 7 yr downtrend thinking we may see much more strength…but when fcol

check out the symetry in hui:spx, also looks like a key support but needs a bo still. fwiw

huispx

Perplexed….

….by the miners relative “strength” in the face of POG weakness?

There has been deep, long term divergence using (Matrix’s) favorite indicator (tweaked).  Still many believers out there.

This is not a done deal……yet.

 

sc

Critical S/R

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Just a healthy correction…

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images

McClellan

If anyone wants to see the accompanying charts let me know and I’ll email them to you.
I’ve got to get into posting charts!
But I thought this was interesting……

Gold – Watch the €1000 Level
-Enable Images- in your email reader to see this chart o- use the -view in browser- link at the top.
September 11, 2014

Gold is still in a downtrend, if you examine a chart of gold prices measured in dollars. But gold in euros looks much stronger, and that’s actually a bullish condition, eventually.

People often ask at what dollar price is gold likely to find support or resistance. But it can be argued that the dollar price of gold is not very relevant for a lot of the old-school technical tools. The static price levels of prior highs and lows do not generally show much significance as support or resistance agents once they are reached again.

The big reason for this is that gold is traded around the world, and in every currency. So what might look like an important support or resistance level on a dollar-based chart could look totally different in another currency. The whole point about why prior price levels can act as support or resistance is based on the principle that traders remember buying or selling at those prices. So when that price is encountered again, a trader who thought it was a good place to buy is likely to do so again, if he has any money left.

But that factor gets diluted when gold trades all around the world. Seeing the dollar price return to the level of a prior high or low might not spur any reaction at all from a trader who operates in another currency.

The chart above shows gold priced in both dollar terms and in euros. They are obviously similar, which is what we would expect. But when there are differences, then those differences can be instructive. I have found that when the two plots disagree, it is usually the euro price plot that ends up being right about where both are headed.

This can take the form of simple divergences, or the breaking of a trendline earlier or later than the same trendline in the other plot. There are 3 pairs of dashed trend lines drawn in that chart, and for the first two the euro price of gold broke the trendline before the dollar price, giving us an earlier warning about a change in trend. The most recent line has already been broken on the euro price plot, but not yet on the dollar price plot.

Perhaps more important, the euro price of gold seems to be encountering overhead resistance at around the €1000 level. Round number resistance is nothing new; we saw it quite extensively at Dow 10,000 (remember the hats?). But a gold trader who only thinks in dollar terms would miss that insight.

Gold is due for a new upward phase now, according to the 13-1/2 month cycle that I addressed here back in July. The ascending phase of a new 13-1/2 month cycle is usually where the big gains are found. But first, gold has to finish up the business of putting in a bottom.

The way I see it, once gold starts upward and breaks up through the €1000 euro level, a “recognition wave” of follow-on buying will occur as euro-based traders recognize that the €1000 level has been breached. Gold is currently at €960/oz, so it does not have far to go to make such a breakout.

For those who want to track this relationship at home, you can do so pretty easily at www.StockCharts.com, using this as your symbol: $GOLD:$XEU. Here is what that looks like:

Stockcharts.com chart of gold priced in euros

One point to note is that StockCharts.com’s data provider quotes the euro to dollar exchange rate 100X higher than actual, which is an indexing convention left over from years ago. So the 10.00 level on that chart is equivalent to the €1000 gold price.

And if you really wanted to, you could trade the price of gold in euros using a fairly new ETF, the AdvisorShares Gartman Gold/Euro ETF (NYSE Arca: GEUR), which just started trading in February 2014. I don’t advocate pro or con for that ETF; I just bring it up to point out that it is now a possibility. GEUR has only $1.3 million in assets so far, which is really thin and so getting proper fills could be an issue especially if trading in any big size. And GEUR has a fairly high expense ratio of 0.70%, versus 0.40% for GLD and 0.25% for IAU, the two main dollar-based gold bullion ETFs.

Tom McClellan

Glenfidish

Thank you. Enjoy your posts too. And it is a good town that we share. :) Best to you.

$CCI

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USD

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North

I wish you would post more often! I like your post and we are from the same town :)

Fully

Some nice charts you’ve been posting. Thanks. :)

BABY HUI

1 HOUR CHART

hui

Leaders in miners

Just a short list of what I consider a diverse group of typical leaders in the sector. Doing pretty well on a -10 pog day fwiw

gold leaders

Jdst

jdst

jnug just broke out of it’s mirror image fwiw

why the big turnaround all of a sudden? no move in pog and its not even 3:12pm yet

EDZ has breached the 50 MA on the Daily…

I am waiting for 13/34 MA cross confirmation on the daily…