Goldtent TA Paradise

MAYDAY MAYDAY

1. Chartsmaster says:

   April 30, 2024 - 9:51 am at 9:51 am

   I was going to post but your timing is impeccable so I will just comment here. Today will probably mark the bottom. It’s Tues. Silver has both filled it’s small gap and backtested the breakout of the 26-26.50 zone. It still has to get back to and then breakout above 30 to trigger what I posted about a while back. When it breaks out over 30, it triggers the same pattern as gold when it broke thru the 2100-2150 zone. That would start the clock on the move to 38-39 in a little more than a month after breaking 30.

2. Nautilus says:

   April 30, 2024 - 10:16 am at 10:16 am

   Today definitely goes against the “perfect” technical set up narrative I have been hoping would play out.

   Easy come, easy go. Absolutely nothing would surprise me at this point.

   Of course we have the criminals at the Fed cued up for tomorrow, so intraweek craziness was to expected. The most critical period for me will be the close this week and next week.

   • Gold Learner says:

     April 30, 2024 - 10:21 am at 10:21 am

     >> The most critical period for me will be the close this week and next week.

     Very true, Sir Nautilus.

     And the most critical number to watch is interest rates, not price of gold.

     As I disagreed with Sir Fully not too long ago, rates will be cut. Something in the background is not letting stocks correct as much as they should to provide the perfect cover for rate cuts.

     But why should rates be cut? This post/chart below tells of the horrific situation in interest payments!

     https://twitter.com/SamanthaLaDuc/status/1785022960094318934

     GL

     • Fullgoldcrown says:

       April 30, 2024 - 10:26 am at 10:26 am

       IF POWELL CUTS RATES IN THE FACE OF NEAR 4% INFLATION…THATS GOOD FOR GOLD AND SILVER..NO ?

       • Nautilus says:

         April 30, 2024 - 10:33 am at 10:33 am

         With our luck gold will drop $100 when he announces a rate cut and/or QE.

       • Kestrel says:

         April 30, 2024 - 10:40 am at 10:40 am

         He wont…..

       • Chartsmaster says:

         April 30, 2024 - 10:42 am at 10:42 am

         Yes, it is. But even just the start of rolling back QT will be positive for gold and silver. If he announces some new additional measures to stabilize the banks, would add even more fuel to the fire.

3. Nautilus says:

   April 30, 2024 - 10:52 am at 10:52 am

   There is still a gap on the silver chart at $26.11 That is 100% going to get filled, perhaps even today. After that, I think a realistic target is the 20 week EMA, which is around $25.43 and rising. If we drop below $25 in silver, well, that is going to be extremely disappointing.

4. pedro_deleon says:

   April 30, 2024 - 11:10 am at 11:10 am

   There will be another solid leg up.
   Too soon for me to say where this correction ends.

5. Strider says:

   April 30, 2024 - 12:00 pm at 12:00 pm

   Does anyone think it could retest the breakout at $2090?

   • Chartsmaster says:

     April 30, 2024 - 12:07 pm at 12:07 pm

     Possible but highly unlikely. Chart says $2175-$2200 most likely the worst case. The Central bankers and Chinese and Indians would be buying big time if it ever got to that zone.

6. dadoc1 says:

   April 30, 2024 - 2:10 pm at 2:10 pm

   As long as US bond yields continue to leap upwards stocks, metals, crypto will all be under pressure.