Is 17th time the charm?
On a daily we have crossed the $1923 2011 high 17 times including today. Is this the one?? Nice break away gap on GLD.
On a daily we have crossed the $1923 2011 high 17 times including today. Is this the one?? Nice break away gap on GLD.
China is allowing? their offshore Yuan to strengthen dramatically from 7.20 to 6.65 to the Dollar. Strongest in years.
The Dollar weakness has less to do with the Euro Yen and more the Yuan. Uncomfortable.
The European close in 9 mins is affecting us. We have to wait till they close to see if the fade is real.
33 seems to be the magic number.
I think gold could drift higher through next week, but a daily cycle high is highly likely in the next 10 trading days, which is admittedly a wide window.
I have no idea what level the next daily cycle low will hit. I am just expecting a higher low than September 24. I’ve been saying I expect that low to come the week of November 9th, but it could drag out to the following week as well.
Even if you have to buy higher than today’s level (I actually think its likely that gold will be below today’s close at the next DCL), it will be a much safer entry point as I expect the next daily cycle to be explosive.
Given how shallow this daily cycle has been, and the fact that most cyclists looks for a break of the daily cycle trend line before a DCL, I don’t think there is much danger of gold running away here.
Basically, we’ve got another 3-4 weeks of meager action before a serious trending move takes place, IMO.
If I had to guess, I would say gold will test its 100 dma at the next DCL, and will likely break back below the $1915 level to shake out people going long between now and then. But I am not super confident in that prediction. It’s based mostly on gold breaking its daily cycle trend line by the week of November 9th. Of course the later the DCL, the higher the daily cycle trend line will be.
I guess if your looking at GDXJ 240 it does not matter what little blip this trading flag we are in now.
GDXJ volume is abysmal. We might continue drifting up but there is no conviction here.