Goldtent TA Paradise

IS THIS IT ?

1. Chartsmaster says:

   July 29, 2021 - 11:22 am at 11:22 am

   Just a suggestion. Look at some other charts before you decide. Stay away from the major ETF’s. They are there to provide misdirection and deceive. Even HUI and XAU are better to judge by.

   • Chartsmaster says:

     July 29, 2021 - 11:24 am at 11:24 am

     PS: This “IS IT!”

     • North says:

       July 29, 2021 - 11:41 am at 11:41 am

       Up and Away.

     • silverboom says:

       July 29, 2021 - 11:50 am at 11:50 am

       Bought some HL calls at the open, up 40%

       Hope this holds. Hate giving back gains, you know

   • Gold Learner says:

     July 29, 2021 - 11:54 am at 11:54 am

     Great point, Sir CM.

     Even following HUI can mislead some veterans, at times.

     I follow a lot of authors on 321gold.com

     One of them is a weekly poster, Jack Chan.

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     7/20/21

     http://www.321gold.com/editorials/chan/chan071921.html

     Gold sector as represented by $HUI is on a long-term SELL signal.
     Long-term signals can last for months and are more suitable for investors.

     ############################################

     7/27/21

     http://www.321gold.com/editorials/chan/chan072721.html

     Gold sector as represented by $HUI is now on a new major SELL signal.
     Long-term signals can last for months and are more suitable for investors.

     ##########################################################

     We have been had once again.
     Via another classical “painting of the tape”.

     GL

     • pedro_deleon says:

       July 29, 2021 - 1:49 pm at 1:49 pm

       “One of them is a weekly poster, Jack Chan.

       ############################################
       7/20/21

       http://www.321gold.com/editorials/chan/chan071921.html

       Gold sector as represented by $HUI is on a long-term SELL signal.
       Long-term signals can last for months and are more suitable for investors.”

       I used to sub Chan. I like his system. But its VERY slow to react to change.
       His LT Sell is basically 50dma below 200. MAs are very rear view.
       In my comments to CM recently, I saw prospect for 2mo of PM strength on dollar weakness. Then potential “C” word. $ is rolling over.
       As for ETFs, I don’t agree at all that they deceive.
       Moreover, unless you are buy and hold, renting ETFs is more efficient.
       Core buys probably ought to be hands on bullion. Trade the ETFs.
       (I’m not referring to GLD here, by the way.)

       • Gold Learner says:

         July 29, 2021 - 2:01 pm at 2:01 pm

         “His LT Sell is basically 50dma below 200. MAs are very rear view.”

         Yes, Sir Pedro.
         The tape-painters know these simplistic buy/sell TA guidelines and paint the tape pretty well. On weeklies. Even on the monthlies.

         Here, I’d like bring to your attention what old-timers saw in this down-draft. I quote Jeff Kern

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         http://www.321gold.com/editorials/kern/current.html

         That 6/29/21 35-39 index sell signal HAS continued to mark the exact low for gold, but the gold stocks have continued to act “strangely”, in a manner that’s never been seen since 1974. USERX rose for a few days. When the metals complex gapped higher last Tuesday (7/06/21), the 35-39 index was set-up to generate a very bullish buy signal if USERX rose to above 13.75. But that opening rise yielded a bearish reversal into a down close to avoid the buy signal. On Wednesday (7/07/21), gold rose for a 5th consecutive day (as the 6/29/21 35-39 index sell signal continued to market the exact low) and settled just above the round number $1800. That is distinctly short-term BEARISH behavior. Runs higher usually end at 5-6 days Up, and rises in Cash Gold that settle just above round numbers are highly likely to short-term decline back below the round number (and vice versa!; don’t get faked out; it’s not a perfect indicator, but it’s a high historical probability). “Magically”, gold then declined last Thursday (7/08/21) to settle at $1799.90 (!) just below the round number and down a meaningless $1.90. That also ended the run higher at 5. But the gold stocks were relatively weak/bearish. USERX dropped to a new multi-month low of 12.96, largely due to a strong decline in the commodity currencies. Focus on the Australian and Canadian Dollars rather than the U.S. Dollar index that is over-weighted to the Euro. USERX does that for you/me!

         As always, I understand that you want a clear conclusion/prediction. I could provide the bearishness in May. I could not provide a clear prediction in June, but had partially bought the plunge. The current potential bull market bottoming process is UNIQUE since 1974. Jeff dislikes “uniqueness”, BUT I do know the following SKI PriceXTime:

         It HAS been 14 trading days since the decent 16-20 index buy signal at USERX 13.18. “Normal” would yield some rise this week into a 16-20 index first resistance sell signal at about 20 trading days from that 6/18/21 buy (its profit). The major sell-stop is just too low. The 35-39 index buy signal and a new 221 index buy signal are just too high. Historically, it can take up to 35-39 trading days to complete a bull market bottoming process.

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         “In my comments to CM recently, I saw prospect for 2mo of PM strength on dollar weakness. Then potential “C” word. $ is rolling over.”

         When you talk about C as in crash, I have awaited for long-envisaged-and-feared, the scenario where USD, NASDAQ/S&P, and US long bonds all crash simultaneously. This is borderline as dark as what Clive Maund posted recently … LOL

         GL

   • JSKauai says:

     July 29, 2021 - 12:07 pm at 12:07 pm

     “Stay away from the major ETF’s. They are there to provide misdirection and deceive.”…Totally agree.