Looks terrible doesn't it? 'Waiting game' looks like what we're stuck with. Say someone covered up the label on the gold chart so you couldn't see what commodity or stock or currency the chart represented. After 17 months of consolidating the previous decline from a top in 2011 you finally get a break of triple support (1180) for the item. Failing a lightning quick recovery I'd be expecting significantly more down for whatever the item is. However I would be looking at next week and taking that as confirmation or negation of the critical break of support? 'False' breakouts and breakdown do happen. But it seems a forlorn hope. It now looks like silver was showing the way as it broke well before gold - silver in the past has been referred to as a leading indicator for gold. Maybe we should wait to buy some gold when silver shows signs of reversal? Platinum fell below previous lows in late Sept, also leading gold you could argue. I'm saying this with hindsight of course because I didn't know which way it was going to go.
I have heard this before........................many times! Why buy now when you may buy later at $100 or $300 or more cheaper! It's the same old, same old...................with stocks..........................why hold onto declining stocks when you can buy back at a cheaper price when the market starts to rise. Same goes with any investment. In this economic climate, investment properties out gun gold by a mile so does alcohol........................................................like every investment........................buy low, sell high and buy back again at low.
Whatever the waves coming next wk, i think most of us here ready to embrace this. bought fews here today and lets see whether there is a fire sale coming soon.
I wouldn't bet on gold dropping $300. Unless you have a crystal ball you don't know how much further the stocks are going to decline so if you unload them how do you know how much you stand to gain? This is buying season not selling season.
A good time to have a punt on JNUG?? End of QE plus the expansion of Japanese had seriously kicked gold down. Maybe in oversold territory. Bring on ECB stimulus so we can get to the bottom once and for all.
A retest of 16.70Ag and 1180Au would be nice, gonna be a fun Monday. Like friken silver limbo... how low can you go And gold... sorry about the mess And PAL becuase everyone needs a PAL GLTA
Maund http://clivemaund.com/article.php?art_id=68&PHPSESSID=a8cdb53a8ce6d858fc9f51200bf3f84f http://clivemaund.com/article.php?art_id=67&PHPSESSID=a8cdb53a8ce6d858fc9f51200bf3f84f
Yep, that's one of my plays. Where to set over head stops is the Q?!, mine are 1188 (bit of a cheeky one ) and 1222. Probably won't eventuate as the market looks heavy
I am already in. I think I closed out my previous silver shorts around 17.30 and bought them back around 17.40. I should have gotten out on October 3rd or 4th, but I am a slow learner. :lol: Maybe next time I will have a quicker trigger. But for now, I think this is similar to April 2013 and I am very comfortable with my silver shorts.
I started to post a question to you about that 2-3 hours ago and then a bright shiny object flashed in front of me and I forgot what I was doing. When I was looking at the DSLV (3x silver short) chart earlier today, the price action after the jump from 63-91 looks like a flag. But I know just enough about charting to be dangerous. What are your thoughts?
Sorry don't know much about anything and less about DSLV, am still learning myself. Here is what I am looking at
I was asking from the perspective of does the pattern look like a flag to you. I remember a chart guy writing one time that he didn't know the stocks the charted. They were symbols to him, nothing more, nothing less. Looks like h&s patterns on your charts. That would match up well with a flag pattern on DSLV. Wanted to go short today via DSLV, but couldn't pull the trigger.
DXY has broken out of a triangle formation and backtested and looks like it is on the move higher... that spells down for metals. Maybe not this week ut maybe next
