Goldtent TA Paradise

PMs Getting HIT

1. Nautilus says:

   June 3, 2021 - 10:15 am at 10:15 am

   I think the intermediate cycle has possibly topped today (we are 12 weeks into this rally, which is a typical topping point for gold). Others like Gary Savage are expecting gold to make a higher high than June 1’s high at $1919, but think it will be sideways to down from here for months.

   I think the next low risk entry will be when silver tags its 100 WMA, which is still far away (only at $21 currently) but rising fairly rapidly. However, that touch could occur months from now. I am basing this on silver’s behavior during the last bull run.

   As I always state, I hope I am dead wrong about this and we rocket up from here. I am still 100% long and will continue to hold no matter what happens.

2. pedro_deleon says:

   June 3, 2021 - 10:18 am at 10:18 am

   Smallish dollar bounce, overall.
   But I now have the same OB alerts that I had 3 months ago, ahead of the last dollar topping cycle, and when I flagged the top in a DM to you.
   We ARE leading up to a firmer dollar bottom, but its still a considerable ways off time wise.

3. Nautilus says:

   June 3, 2021 - 10:25 am at 10:25 am

   I should add that gold should find a daily cycle low very very soon, since the cycle is already running long–I would guess within a day or two more based on the 5 day RSI.

   The issue will be whether we can make a higher high than June 1 during the next daily cycle, and I am doubtful of that. We might come close to $1919, but I think we will fall short and then roll over.

   • Fullgoldcrown says:

     June 3, 2021 - 10:55 am at 10:55 am

     Thanks Sir Naut

4. pedro_deleon says:

   June 3, 2021 - 11:41 am at 11:41 am

   “Others like Gary Savage are expecting gold to make a higher high than June 1’s high at $1919, but think it will be sideways to down from here for months.”

   Not a fan of his T/A. But I do believe we see one more high ahead of the cycle top.
   Simply another way of saying more dollar lows are ahead.

   • Nautilus says:

     June 3, 2021 - 12:30 pm at 12:30 pm

     It could be, but I doubt it will be anything more than a marginal higher high. I would expect miners to underperform during the next rally as a result.

     Again, I hope I am wrong, but I highly doubt “this is it,” especially with respect to a silver move to $40+. I expect that moment to come much later in the year and possibly early next year. Based on the last silver bull, silver would typically consolidate 1.5 to 2 years before breaking above an impulse high for good. We are only 9 months into this consolidation.

     Could I be wrong? Absolutely. But one would be a fool to ignore history.

5. Noman says:

   June 3, 2021 - 12:06 pm at 12:06 pm

   When the Jobs reports hits tomorrow the algos will use it to club anything gold…