Loading ...Charts for KenS and Patrick (Cup with Handle)
These monthly charts of Gold (spot future) and GLD appear okay, but there’s one thing about them I don’t like (I’ll address that later).
What I don’t like is the current Monthly Bar for March: it’s setting up a Key Reversal Down – similar to the one at the TOP in September 2011. I do not want to see the Gold close below 1567 on Tuesday, March 31st.
This Ratio Chart, on the other hand, looks pretty good: we traded above the 2016 high and closed slightly above it on Friday. Should we close well above that number (0.641) at the end of March it will look very good.
No offence BBM IMO we are in territory where TA has reached it’s limits. Examining charts of Paper Futures (Fractional at best), go out further examining ETF’s based on said Futures + 3rd party risk of the fund + 3 rd party risk of the custodian, go out even further comparing a Futures chart vs a FED manipulated SM relative to a DOT Com bubble scenario of 2000…….on top of which In an environment where War measure act are being passed in the middle of global Pandemic a currency crisis and an unfinished trade war and potential collapse of the medical system world wide, global supply chain interruptions and Marshall law in the US and Europe. RePo’s of unlimited size. Tuesday March 31, 2020 COMEX values of Au are important to you……?
TA has it’s limits. Then there becomes the real market, the markets that matter when you have go buy essentials for your survival. Too say the least I view this Chicago, London, NY effluent as for what it is……I got priced premium on Silver last week at 50% over Spot……..and that’s from dealers willing to sell. I’ll let you know what I get quoted on Ag tomorrow if you want? But can you eat it, pay your taxes etc. The markets are in panic and I don’t see an immediate end to the manipulation or the price discovery.
So what exactly are the Tuesday March 31,2020 COMEX close 1567 going to tell you in your investment scenario? That you get your nicely manipulated C&H? My point is TA, cycles, EW , etc have there limits…….Manipulation Saturation Point.
The markets have hit their “MSP”. Most important everyone please stay safe.
GLTA
red label,
Reading your post makes me want to consider buying some stocks like DAL and HON. The biggest danger I see is the PTB (powers that be) use this virus as a reason to eliminate paper currency ENTIRELY (“it’s a filthy disease carrier”). THAT should send gold up 10% overnight.
I have a 3-month supply of Mountain House food and I’m very well armed, but I don’t believe this is the end-of-life-as-we-know-it.
No offence taken; none meant to you.
No offence taken BB
We are all here I would imagine to gain each other’s others perspective of previous, current and future trends. The trend currently atm where I live is physical, if the pressure of the physical market builds IMO the Futures market may eventually have price in the street. I’m very cautious of looking at current charts especially ETF’s and PM Futures. Most definitely humanity and the world survive but IMO the financial world has changed and so has society. What it will look like in the near future I don’t know Sir. The consequences from the flood of money printing and rates to me shows the FED is panicking. When the FED panics I think it might be prudent examine counter-party risks.
Thanks for your charts
I watched this Palisade interview.. currently imbalance in phys market.. as dealers add a premium over spot when they sell bullion.. but when they buy from you.. its closer to spot (paper prices). Very interesting. https://youtu.be/erEWGKkXZ_Q