Gold is down $31 on Fed minutes over taper talk, but the chart has been pointing down for some time. Currently ~ 1243, I can see 1075 as a eventual downside target if it's current H&S breaks down, which intraday, it has.
In answer to the question of the thread: Not yet. Take a look at a 5 year chart of gold on a weekly basis. It had an amazing run from $681 to $1923, until the peak in Aug of 2011. Since then, it's fallen almost exactly to the 61.8% fibonacci line this June. After a brief run-up, (coincidentally, right up to the 38% line), gold has reversed direction. I would not be surprised to see a re-test of the 1155 - 1179 area. You may want to wait for a better entry point at that juncture, and look for an upturn in the Stochastics for confirmation of an uptrend.
GOLD.png
CURRENT ALLOCATION: 100% I AS OF C.O.B. 5/22/2017
Gold is down $31 on Fed minutes over taper talk, but the chart has been pointing down for some time. Currently ~ 1243, I can see 1075 as a eventual downside target if it's current H&S breaks down, which intraday, it has.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
I'm watching, not buying-yet. don't own any whatsoever-yet. diversification-still working that part out, may move an ancient small ira into a pm ira at some point this next year.
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
Inflation will return at some point so buying gold when it's no longer liked will eventually be very profitable once again. I nibble on GDXJ and GFI.
"What is hard to find is the type of investor who has the guts to take advantage of these opportunities. You're either a contrarian or you're a victim."
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Im waiting for under $900
11.80% for 2012, 24.79% for 2013, -5.13% for 2014 , 4.94% for 2015 WTF?, -0.04% for 2016 , 13.09% for 2017======= 8.23% , Moved to Vanguard in 2018
I'm afraid Hell will burn out before you see $900 again - but you're welcomed to wait.
I don't know. There could be a emotional sell-off once they start tapering QE, but it will be a good buying opp. in my opinion. As I said in a previous post, 1075 looks like the initial H&S target and if the fear kicks in $900 is not out of the question, but I don't know if I'd wait that long.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
From the folks who gave us that 1928-1929 / 2013-2014 market chart comparison, they are doing something similar with gold and the 2006-2009 market chart.
Gold is Following in Stock Market's 2009 Footsteps - Free Weekly Technical Analysis Chart - McClellan Financial
Just reporting. Don't shoot the messenger.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
CURRENT ALLOCATION: 100% I AS OF C.O.B. 5/22/2017
I'm looking to add to my gold positions next week when I earn more margin. The question at hand is do we think there will ever be any inflation again - well certainly. The Fed is counting on it. I've got plenty of time to wait.
A nice little breakout in gold and gold miners this morning. Looks good, but those gaps will probably want to get filled before too much more upside.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
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