Goldtent TA Paradise

Does the Gold turnaround start on October 9th? Good historical charts.

1. North says:

   September 29, 2019 - 4:14 pm at 4:14 pm

   Interesting, thanks.

   • Karl says:

     September 29, 2019 - 4:50 pm at 4:50 pm

     Thank you for calling my attention to this interesting piece at ZH, which otherwise I would not have read.

     1. Andy Hoffmann is referenced in this piece. It’s hard to resist making a snide comment about him, so I’ll just leave a space _____ . I’m trying to behave myself.

     2. Hoffman notwithstanding, Indian and Chinese holidays do seem to exhibit associations with gold prices, much the way gold prices pretty reliably go down on or just after Comex Au option expiration (last week for example). There aren’t many charts cited in this piece (perhaps Hoffman cites more) but they do seem to show something, maybe. Interesting and worth following.

     3. I don’t know what prevents the gold price from continuing to go down after the Chinese holiday is over however, even if we assume the phenomenon is real and strong. I’ve seen various people far more adept at market timing and chart reading than I describing the current situation as hard to call on the short term. I certainly would not be surprised if the prices keep going down (or not). (I am personally lightening up a little, though partly because of personal finances and tax reasons, with the expectation of buying back to the extent I can.)

     • Karl says:

       September 29, 2019 - 5:00 pm at 5:00 pm

       I wonder whether there’s a regular annual relation between the Chinese holiday and Comex Au option expiration in late September. If so, the Comex Au option expiration might explain some or all of the decline seen in the charts in the ZH piece–thus may explain things at least as well as the Chinese holiday. The Comex option expiration phenomenon seems to occur fairly commonly in all seasons. I don’t think one can bet on it always happening, but it happens a lot.

       “Jesse” seems to go with both phenomena:

       from https://jessescrossroadscafe.blogspot.com/2019/09/stocks-and-precious-metals-charts_27.html:

       ” Next week begins ‘Golden Week’ in China, October 1st to 7th. This may allow more than usual antics with some stocks and commodities as their markets will not be open for this national holiday.”

       https://jessescrossroadscafe.blogspot.com/2019/09/stocks-and-precious-metals-charts_25.html :

       >>>Gold and silver were just hammered on the Comex October option expiration. What a coincidence.

       I hope you were at least prepared a little for this nonsense. I did mention it several times.<<<