Loading ...Gold looking ahead
First of all, some amazing posts here. I don’t think I’ve seen anyone call a bottom like Spock has in these last few weeks. Amazing. This pennant is working out beautifully thus far and Dave’s historical work on this gave me the confidence to know we were on the right side of trade. Anyway, whenever I get too excited, it usually means that I need to be careful or the market will deliver some humble pie and so I just want to see if I can get a feel for where gold may be headed next. The main thing I want to point out about the chart below is the white line. It was the uptrend line that broke and I believe it will be retested one more time from underneath. You can see it has 4 touches already. Depending on how fast we get there, I think it will be 1285 to 1305 ish. I really think that’s where we will start to pull back. That still leaves a good 50-60 points from current levels and perhaps more
In a perfect world:
that’s my next wave target $1300 area. if so, expect the miners to go for another big leg up in the next week or so. I am 110% long 30 miners, and not flinching in my resolve to stay the course.
Thanks for the mention, PK!
Progress is up to $1245 approximately today (Wednesday so far, 9:25 a.m., NY time).
Now, I noticed the miners had a good day yesterday including London listed Fresnillo (silver miner). I don’t want to poop on the party but that stock has been up almost every day since 21 January (inclusive) except for a few 1-2 day corrections.
It is DOWN slightly today (OK, only by 0.1%) and it is already 2:40 pm (14:40 hrs here in the UK) on the London market. Most of the day is gone and it looks like this silver major is going to be flat or slightly down today.
It is not confirming the upmove in gold and silver ( Ag : 15.43 +0.17 +1.11% says http://www.Kitcosilver.com )
Actually, Fresnillo ended up just over 1% while gold sold off! Go figure! (BTW I have a little Fresnillo because I didn’t quite dump all of it in the bear market).