Loading ...Reasons To Be Cautious
There are plenty of charts targeting $2000 or more in the very near term. If this happens, I’m pretty sure it will appear as a spike on the charts – probably a wick on the monthly candle. It would occur on a sudden bullish surge generated by macro factors in the wider economy and a spike in inflows and investment in the sector. Spot silver is challenging the all-important $19 level. If it succeeds, it should lead to a rapid $2 run. GDX seems to be surging like the proverbial beachball held underwater (target around $54).
This is all great BUT, as I said yesterday, we can’t get carried away with all of this. Think like a bear now, if you want to trade the coming correction. Look for every possible barrier and get out if the charts tell us to. With all of that in mind, here are the gold, silver and GDX charts. Most important, the gold chart…watch it carefully in coming days.
Stop it! You are going to lose followers!.. bull era will NEVER end.. no more corrections… ahhh.. I’m drinking too much kool-aid… back to bed.
Lol, Gold and silver are going much, much higher, but I know some people will be on my back (on Twitter) if we have a $300 correction and they weren’t ‘warned’. There really are some tools on there…
If someone cant survive a pull back to 1 year MA at ANY moment… they arent gonna be able to ride it all. Over sized most likely positions.
You are right to emphasize these points.
Just this morning I have been having to fight with myself. It is so hard to remember that one cannot easily use gold or silver to pay for taxes, tuition, repairs, replacements of needed items cheap or expensive, legal or accounting fees, or out-of-pocket medical or dental services, and so forth. Promises of certain near-future rises of gold stocks that have temporarily corrected are even less useful for such payments.
or insurance payments — another big one
There will not be a spike to $2000. It will grind up.