Charmin Posted July 1, 2010 Report Share Posted July 1, 2010 Every year I like to watch a good display of fireworks to celebrate Independence. I'd rather see gold go independent and produce some fireworks in July and by that I mean a clean breakout of 122 on GLD. Some of you probably would like to see it do that in the next two days or else. http://www.StockSharePublishing.com/ChartLib/GLD_06_30_22_28_1277951327.png Link to comment Share on other sites More sharing options...
Ageka Posted July 1, 2010 Report Share Posted July 1, 2010 Every year I like to watch a good display of fireworks to celebrate Independence. I'd rather see gold go independent and produce some fireworks in July and by that I mean a clean breakout of 122 on GLD. Some of you probably would like to see it do that in the next two days or else. http://www.StockSharePublishing.com/ChartLib/GLD_06_30_22_28_1277951327.png Right or wrong I do not expect anything this week any more . If I had a mind ; I changed it Link to comment Share on other sites More sharing options...
DrStool Posted July 1, 2010 Report Share Posted July 1, 2010 Precious Metals Update Link to comment Share on other sites More sharing options...
Charmin Posted July 1, 2010 Author Report Share Posted July 1, 2010 This may be the "or else" probability when we broke 1230. I see even Uncle Buck is down. Link to comment Share on other sites More sharing options...
dharma Posted July 1, 2010 Report Share Posted July 1, 2010 after cyclical tops in gold , the market goes through a correction and they are never short also, i think the broads will be under pressures until sometime around the bradley low in august. not good for miners. i am in buying mode, but not yet. the top callers for gold, dont know what they are talking about. all bull markets end w/a parabolic blowoff. which is still a distance away. i am in gold until it does so, this is not a religion for me, its a trade. 1229 is the end of price cycle and the last low was 1225, break that and its a larger correction and frankly the charts of the miners are telling me that will be the case. that's what i posted. looking @the long term charts of miners was sobering.the 08 lows were significant and many miners have busted the rising angles off those lows. i look @charts in the evenings, when there are no distractions and they are on the verge of correcting. @1st i had sellers remorse, now w/cash i have my buy hat on, but i will not act yet. the broads look to be under pressure as well. i may do some buying for trading purposes, but i suspect positions will come come in the 1st 1/2 of august. patience grasshopper.1225 was the last swing low and w/that busted, it indicates a larger correction dharma Link to comment Share on other sites More sharing options...
Ageka Posted July 1, 2010 Report Share Posted July 1, 2010 If we close below 1219.70 then we got maybe a long way to go down in a short time . I sure am glad I got 17 % cash to play with . Link to comment Share on other sites More sharing options...
AgentSmith Posted July 1, 2010 Report Share Posted July 1, 2010 $1200 (now) will provide support but there is a chance for $1166 - but it can't be anything more than a quick/intraday fishline drop. Anything more than that and it will be the long-drawn out variety of correction. At similar equivalent points, $1200 has been the stopper but on occasion the next major chord is necessary..which is $1166'ish. Link to comment Share on other sites More sharing options...
Whadda I Do Whadda I Do Posted July 1, 2010 Report Share Posted July 1, 2010 $600 Sale? Get Ready for Tax Form Might want to keep track of this. Link to comment Share on other sites More sharing options...
Whadda I Do Whadda I Do Posted July 1, 2010 Report Share Posted July 1, 2010 I was trading NGD back and forth and got stuck when this attack took place. All other low ball bids below recent gaps on HG HL GSS filled. I was not looking for an exact bottom so I'm happy buying more back than what I sold. Only played 20% of the portfolio. Down to 5% cash now. Glad I dumped laggers, won't go back into them. Not all miners cooperating today in this take down. RRFFF has a nice spread US vs CAD pricing. Thinly traded, careful. Link to comment Share on other sites More sharing options...
K Wave Rider Posted July 1, 2010 Report Share Posted July 1, 2010 FWIW...my stuff generated an IT sell on the breaches in Silver and Gold today. The Secular Bull is not over, but the Cyclical Bull likely is. Huge weekly diverges with power breakdown here, after big time follow thru on picture perfect Hangman at the top of a very long run. This correction should last many bars on a weekly chart, and I would not be surprised if we eventually go and test the weekly 200 one more time before we make news highs over the longer haul. All that said, a climb back over 1240 would negate this call, and would be quite bullish. I do not expect that to happen any time soon. Link to comment Share on other sites More sharing options...
bearvest Posted July 2, 2010 Report Share Posted July 2, 2010 GOLD: Found resistance at the cloud. Watch the Itchy chart for a crossover and a confirmation on ADX. Note also the setback green line. Any decline from here will trigger intermediate sell signals. Support could be as low as 1080. Link to comment Share on other sites More sharing options...
Whadda I Do Whadda I Do Posted July 2, 2010 Report Share Posted July 2, 2010 Following the Comex is a good way to lose money. Miners never did make a new top. Need a new top to call a top unless this is a bear market sector. Even spot only tested a new high. This is typical of summer time blues. Could be a spike low where more consolidation will commence......time line into August before a move on up. You can see why 'cash' is a position. They tried to run every stop but bottomed at $1200. Someone is worried and it's not the bull. Link to comment Share on other sites More sharing options...
dharma Posted July 6, 2010 Report Share Posted July 6, 2010 looking @the charts over the weekend, the gann angles from the 08 lows has been violated on many issues. which means to me that significant lows will be established on this correction, it doesnt have to be deep, but it will establish new angles which will act as support. this is a time period that is fraught w/dangers. i will buy the lows that occur this week and depending on the market, i will either hold them or dump them on a rally. my sense is that lower lows will be seen going into august. around the bradley lows in august is a significant time for me. having drawdowns is a natural part of trading. i am 15% in cash now and waiting to redeploy. i have my buy list. dharma Link to comment Share on other sites More sharing options...
dharma Posted July 7, 2010 Report Share Posted July 7, 2010 i am out here buying for a bounce! i am trading what gold bubble http://www.gracelandupdates.com/images/stories/junjulaugsep10/goldbubble.png dharma Link to comment Share on other sites More sharing options...
Ageka Posted July 7, 2010 Report Share Posted July 7, 2010 i am out here buying for a bounce! i am trading what gold bubble http://www.gracelandupdates.com/images/stories/junjulaugsep10/goldbubble.png dharma NGD was a steal this European afternoon minus 12% Link to comment Share on other sites More sharing options...
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