Loading ...GOLD and GLD
Gold needs to reverse course quickly. GLD broke down from the wedge. GLD has another possible formation on the daily and that it is near support. If Gold doesn’t reverse course significantly tomorrow I expect we will drop to 1190ish rather quickly. Let’s see, but it looks like those screaming about the Bearish COTs were right.
I mentioned 1242 as being important and while I was writing the post the price went from $1245 down to $1242, bounced slightly (very slightly) and since then has cut through and down to $1230.
The other formation on the daily; is that a pitchfork? I guess you are looking at some kind of uptrend channel. I spotted one that come in at around 1230 support so maybe that’s why it is holding at 1230 – for now. Doesn’t look that good. Still, it is overdue for a correction really. The markets are perhaps beginning to wonder if the recent juicing of the stock market is going to put another interest rate increase on the table, perhaps.
Bank of Japan shortly.
Yen boners, GOld boners. Market takes a dump
Yen takes a dump, Gold takes a Dump and Market Boners.
Re: “Gold needs to reverse course quickly” :
That’s this kind of thing that bulls and other analysts have been saying for the past 4 years as price broke down to new lows. We are back to bear market speak. There needs to be a bit of fear put back in to the gold market I feel. Things have got out of hand in the past 2 months with bullish sentiment, even or especially among some experts in the industry, at PDAC for instance.
What do you have for a measured move out of the wedge. I often look at the starting point which would be $1190 or perhaps a little lower. What about if the move is equal to the initial height of the wedge – that would be more like $1160-1170. Gold is in for a retest of that crucial $1180 level. If that breaks down, there are a couple of shallow uptrending pitchforks that come in with bottom support at around $1100.
Personally, I thought it prudent to sell some into strength in the past few weeks.
Another link from the above story:
http://www.bloomberg.com/news/articles/2016-02-24/tucking-10-000-yen-bills-under-the-mattress-spells-worry-for-abe
It says 10,000 yen notes are 92% of all banknote value. MOney printing is there. Number of those notes last year up 6.2% in an economy with ‘deflation’. Very interesting.
It’s SO IRONIC that, as soon as there is huge market demand for cash, these stupid wonks in government want to ban it. Those idiots … well … just …. those idiots!
Sorry, I replied to the wrong posting! Anyway the other Japan story I mentioned was at:
http://www.bloomberg.com/news/articles/2016-03-14/japan-s-biggest-gold-retailer-says-negative-rates-boost-demand
One thing I have learned from technical analysis is that one can always draw a new trendline
My indicators are giving a pretty strong indication here that something MUCH larger may be in play.
I did get a DUST signal today, after a long string of alerts but w/o a trigger signal.
History on this alert suggests a double for DUST over 3 months, at the very least.
None of the wavers I follow are lined up this way though.
I think the something larger in play is a massive SM rally crushing gold, gold has been the antithesis of SM of late, it’s about to reverse in a big way IMO.