Loading ...Gold
WEEKLY
Parabola Blown Up !
Some important lines in play now
Higher High …First time in 5 years
Slow Sto room to Go
Higher Low will now confirm an uptrend
From where ?…how about 1180
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DAILY
Down Channel Broken with VOLUME
BO and BT of Hump line
Overbought on indicators
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HUI:GOLD RATIO (the HUGO )
bang on previous all time low ….resistance
If that goes….the Sky is literally the limit
I love when bear parabolas blow up in the PM market. 🙂
I think I felt the tremor all the way up here
fking lol, still trying to figure out what Martin is saying bc a false move doesnt break multi year downtrend lines on volume….if anything, pullbacks will be mild from here on out
$HUI:$GOLD ratio is already showing a 3-year downtrend line breakout to the upside on the Weekly chart. The motors are revving. I can hear “em. 🙂
James, I am with you 100 percent.
Yellen has ignited gold., Will it stay on fire?
I remember Gary Savage on http://www.kereport.com commenting on the pop in gold in late 2013 at $1365 in Sept 2013, the peak before the one on your daily chart that is labelled $1361.
Gold popped up to $1365 in about a day and then gave most of it back in 2 days. He called it a daily cycle that failed on day one and bearish. Great call.
Rick Ackerman being the man he is posted a bearish call with a target of $1250.50 (twelve fifty dot fifty he said, you can take it to the bank more or less) on one of his ABCD patterns. I went to $1251 in mid-Oct 2013; it’s on your chart. Magnificent chartology call from him.
Anyway, this upmove of $50 on Thursday last week reminds me of that move to $1351 but the next day it gave up only a few dollars. A $50+ move that gives back nine. The same thing happened on the previous move last week that went to $1201, it have back under $20 after an upmove of $80-90. I see this as potentially very bullish, along with my charts here:
http://goldtadise.com/?p=362819
but there are plenty of pullback targets on those charts going all the way down to $1060 or $1080. One is at $1160, one is at $1220. It will be fascinating to see what happens.
It all depends on one word: panic. If the markets calm down and have a rally gold will have a bit of a slump here but if they don’t, it could become a stampede. There is no telling but it has been a wake up call for the gold bears. Are they going to muster the guts to try to take this down again when bad market or banking system news might overtake them at any hour?
I think GOLD at this stage will go up relatively to how much SM crashes.