Loading ...Gold 2009 Analog
Here is a quote from Norvast (of Gann) on Yesterday’s move in Gold:
I do not trust this move! Looks to me as though we just pushed out the DCL on the USD by a few days and it will turn up soon quite rapidly (and gold move down).
Exactly the same thing happened in exactly the same time frame in 2009. Check out the high for the USD in Apr 2009 (20 Apr)
The date we suspect will be the ICL in Apr 2016. Looks “dodgy”!
Here is a close up of the Chart I sent him with the TC and IC Lows from 2009 and I have circled the one day spike that he mentioned was “dodgy” but pointed out that the subsequent IC Low was quite mild.
Will history repeat as W.D. Gann suggests? Time will Tell 🙂
In the meantime, I am sitting pat on my Spock positions but have lightened up a bit on some larger more liquid positions. A bit jumpy perhaps but I try to let my Forks guide me.
Seems prudent to trim on those forks. I trimmed some positions I had on my page that I didn’t really feel that strongly about but kept full positions in my favorites. Someone is going to have to pry my Newmont shares from my dead hands if they ever want them. Or they can pay 200$ a share for them.
Cash, You are correct that I may be buying them back at a higher price but nothing goes straight up and hopefully I will get a chance to reload at a slightly lower price.
Cash, I also sold Yamanna AUY today. I know NEW is one of your Favorites but any thoughts on AUY?
I think AUY is garbage top to bottom. It’s a worse version of Goldcorp IMO.
Thanks Cash, I will cross it off my list.
Does this mean a big gold and gold stocks correction? DO you think these charts will go to the bottom of these pitchforks?
No, I do not. A Fork provides a channel of what is possible but I do not think a drop that low is probable. A Fib 38-50-62% retrace is more likely if the Bull has resumed.
Remember, during the long Bear, Gold and the Miners NEVER made a higher IC High than the previous IC High. It sometimes made Higher IC Lows but never and Higher IC High. So now that we have a higher IC High in place, I am expecting a Higher IC Low than Dec 2015. Any Fib retrace of 62% or less is Bullish in the context of a bull trend.