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Post by huh on May 7, 2014 9:24:09 GMT -5
Although slipping a little below the supports, both GDX & SLV holding up well. Still a possibility to rally here.
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Post by novie08 on May 7, 2014 9:24:18 GMT -5
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Post by jacksrbtr on May 7, 2014 10:16:32 GMT -5
Gold is not behaving. It SHOULD'VE gone up yesterday when the dollar/yen was testing it's 200MA but it didn't. It reminds me of a girl I used to run with when I was a bachelor - always keeps you guessing. What's Armstrong saying about it lately? Anything interesting?
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Post by huh on May 7, 2014 10:18:24 GMT -5
Although slipping a little below the supports, both GDX & SLV holding up well. Still a possibility to rally here. Both still holding support, and both have upside gaps to fill from the open. I think good odds they catch a bid yet.
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Post by huh on May 7, 2014 11:17:33 GMT -5
Although slipping a little below the supports, both GDX & SLV holding up well. Still a possibility to rally here. Both still holding support, and both have upside gaps to fill from the open. I think good odds they catch a bid yet. Ouch. Looks like they're failing that support.
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Post by novie08 on May 7, 2014 15:24:36 GMT -5
I find the headlines about PMs going down big this year amusing since they're blaming it on a "recovering economy" while GDP estimates are negative! Meanwhile, Platinum and Oil seem to roar ahead. Also bought a small pos in Goro @3.82. Guess I never learn.
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Post by novie08 on May 7, 2014 15:39:52 GMT -5
What's Armstrong saying about it lately? Anything interesting From his blog today: Gold rallied establishing the high on the classic 7th day. The Daily Bearish Reversal; to watch lies at 1285.60 on a nearest futures. A closing beneath 1295 will warn that a pause in the uptrend is starting. The close was indeed below 1295 but never got as low as 1285.6. His other 2 posts today are very interesting indeed. He sees 2020 as a bottom in the global economy. armstrongeconomics.com/2014/05/07/a-significant-change-in-trend/ and armstrongeconomics.com/2014/05/07/geopolitical-chaos/ His theories on Putin seem right on to me. But you would surely be more astute at geopolitical issues Jack.
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Post by jacksrbtr on May 7, 2014 16:08:05 GMT -5
What's Armstrong saying about it lately? Anything interesting From his blog today: Gold rallied establishing the high on the classic 7th day. The Daily Bearish Reversal; to watch lies at 1285.60 on a nearest futures. A closing beneath 1295 will warn that a pause in the uptrend is starting. The close was indeed below 1295 but never got as low as 1285.6. His other 2 posts today are very interesting indeed. He sees 2020 as a bottom in the global economy. armstrongeconomics.com/2014/05/07/a-significant-change-in-trend/ and armstrongeconomics.com/2014/05/07/geopolitical-chaos/ His theories on Putin seem right on to me. But you would surely be more astute at geopolitical issues Jack. Soooooo...he knows about the 7-day count thing too, eh? ITMS did have him on their radio show a couple months ago. Reminds me of Thulsa Doom's (James Earl Jones') "Riddle of Steel" from the Conan the Barbarian movie.....only here the "Riddle of the Seven Day Count". Bwahahahaaaaa!
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Post by dino on May 7, 2014 20:39:15 GMT -5
Gold futures have a nicely formed descending wedge going on. The iH&S is still in play as well. Descending wedge breaking out right where it should but not on a lot of volume. Could be the start of a nice bullish run in gold. Let's see if it holds... Back test...
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Post by clinton on May 8, 2014 8:28:14 GMT -5
I find the headlines about PMs going down big this year amusing since they're blaming it on a "recovering economy" while GDP estimates are negative! Meanwhile, Platinum and Oil seem to roar ahead. Also bought a small pos in Goro @3.82. Guess I never learn. 1280 has been pretty solid on gold so far I think GORO can out last other miners with gold above 1280
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Post by huh on May 8, 2014 8:30:16 GMT -5
I find the headlines about PMs going down big this year amusing since they're blaming it on a "recovering economy" while GDP estimates are negative! Meanwhile, Platinum and Oil seem to roar ahead. Also bought a small pos in Goro @3.82. Guess I never learn. 1280 has been pretty solid on gold so far I think GORO can out last other miners with gold above 1280 I personally only see doom in GORO's chart, but I would be surprised if it didn't at least backtest the 4.40's again.
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Post by clinton on May 8, 2014 8:42:16 GMT -5
1280 has been pretty solid on gold so far I think GORO can out last other miners with gold above 1280 I personally only see doom in GORO's chart, but I would be surprised if it didn't at least backtest the 4.40's again. looks like options are 2.50, 5.00, 7.50 I think above 5 is doable to kill 5 puts, but Im no options trader.
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Post by clinton on May 8, 2014 8:43:24 GMT -5
GORO is so thinly traded. doesnt take much to move it a buck
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Post by clinton on May 8, 2014 8:45:06 GMT -5
GORO is so thinly traded. doesnt take much to move it a buck earnings may 12 options exp may 17
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Post by huh on May 8, 2014 16:14:38 GMT -5
I'm surprised Gold isn't rallying considering the current pattern in DXY - large H&S. This should be bullish for Gold and perhaps even equities (though equities seem to more closely follow USD/JPY recently): View AttachmentDXY fell under neckline today, then bounced hard. I don't get it. For years a weak dollar was seen as good for equities. That's all anyone talked about. But this year many are talking that a weak dollar is now bad for equities, and strong dollar good. Why the change? Only because the dollar has been falling?
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Post by novie08 on May 8, 2014 16:19:35 GMT -5
Was thinking GORO would retest 4.40 and soon, but at least gold held above 1285.
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Post by huh on May 8, 2014 16:27:01 GMT -5
Was thinking GORO would retest 4.40 and soon, but at least gold held above 1285. Yeah, I know that GDX & SLV lost support, but something seems wrong about them falling from here. I still think they should rise if at least for some backtesting/gap filling. For some reason I just can't get comfortable with them down from here - and that was before I saw Dino's bullish GLD chart. It's ironic since I've made most my trade gains short gold miners over the last couple years. And odds favor GORO seeing 4.40's again (I tried warning about the bearishness in the charts on this one multiple times - but I think I became the "Boy That Cried Bear" too many times - same with others like WLT, NBG, etc.).
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Post by novie08 on May 8, 2014 16:57:36 GMT -5
Huh, I sold most of my NBG for a nice profit thanks to your bearishness so thank you for that...sold @4.48 on 4/14.
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Post by huh on May 8, 2014 17:57:34 GMT -5
Huh, I sold most of my NBG for a nice profit thanks to your bearishness so thank you for that...sold @4.48 on 4/14. Woo-hoo! That's the first time somebody actually made money, or at least saved money, from one of my posts! (and it only took 3,563 posts) lol Not being sarcastic - I really am glad to hear it.
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Post by novie08 on May 8, 2014 20:25:22 GMT -5
Surely that is not the only one. Re: Armstrong, always have trouble interpreting but I'm thinking "a pause in the uptrend" rather than "daily bearish reversal"? Unless we get that reversal tomorrow on opex Friday. What do you guys think?
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