Loading ...Am I the only one questioning this rally?
- 75% bullish in the Gold Poll
- Commercials selling short as the rally progresses. Highest net short in almost a year.
- Clearly price has broken out to the upside from just about every trendline one can construct, yet volume is anemic. If price is really headed to the moon why isn’t everyone all in? I’m always reminded of this by Edwards & Magee: “It is equally essential that an upside break in prices be confirmed by a marked increase in trading volume; lacking volume, do not trust the price achievement.”
Where is all the excitement we should be seeing with this breakout?
i give this breakout a 60% chance of being real.so i am in but ready to run.
hope for the best and prepare for the worst!
Good Point Avacado Pit
But isn’t there some contradiction in your points
If you are saying as a contrarian everybody is bullish , then saying where is the excitement….well…that’s a contradiction.
Volume ? Well last week of August is usually low volume. Tomorrow Summer Holidays are over….back to school..
Still may be low volume this week….then we will see.
Why isn’t everybody all in ?
Recency Bias ?
But that’s a good thing.
Don’t you ever want to feel the excitement of being a contrarian, of swimming against the stream, of knowing that you are correct while everyone jokes that you are a little crazy?
Now is the time to wash in that inner glow!
The SPX is about to roll over into a deep dive into a YCL maybe later this week or early next week and while gold will take a short respite in a half cycle correction in the meantime, it will be then be the safe haven buy until late Sep-early Oct.
The catalyst? No idea!
But that is half the excitement surely, not quite knowing what drives the cycles.
As long as you are on the right side of the trade, and the lemmings are following some distance behind.
The reason most are not in is because they have no idea!
It is always the same.
While you need to have a deep understanding of the cycle in play, and manage the risk, you need to have some balls and believe in the outcome.
Gold has the ability to turn on a dime – it does not listen to the fundamental advice of Edwards & Magee.
Time is the factor that governs gold, not volume, not price and certainly not the lemmings!
Thanks Norvast…of course I disagree…Gold listens to Edwards and Magee all day every day. It follows all their rules.
That’s what Rambus and his Chartology are all about and the Chartology in the PM markets is the best of all markets.
HUI listens too
https://rambus1.com/wp-content/uploads/2017/09/hui-weekend-repot.png
Volume looks pretty good here
OBV !
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=6&dy=0&id=p50461629480
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=1&mn=6&dy=0&id=p27433012361
There has been an increase in green volume for three weeks on the weekly chart.
On the other hand, sentiment is an excellent trading indicator. I.E. last week, the SM sentiment was very bearish and the SM went up. Not sure if this is as accurate with commodities….
Hello everyone.
New to the site. Thx for the add FGC.
I just sold my position in a CDN miner ETF on Friday kept my physical. Not sure the miners are not going to have a significant pull back similar to the crash of 2008 stocks are still stocks. I’m short term neutral long term bullish.
If you are outside of USD this has not been a great bull market yet IMO. The USD is toast probably couple that with a pull back in the US SM makes me neutral the miners relative the CDN dollar short term.