Agreed, don't trade physical. It is now at the 61 retrace, and market seems to love to pop the 78 Fibo retrace, which on a linear chart pegs at the 50% channel line, which is a big one. I think so many JoeSixpack on the gold thing that market will want to pummel them some more.
qqq raising S1 to 51.8. i think we are in a bottom fishing rally. they tend to last a couple of weeks. http://zstock7.com/wp-content/uploads/2011/08/QQQ-8-26AA.jpg
SD if this gold move mimics silver shouldn't we expect a slightly higher high before the trip to the abyss gets underway? I'm still reading a lot of extreme and almost defiant bullishness in gold with all sorts of contrived and positive justifications for the, ahem, little hiccup in price. A top over the Labor Day weekend (and a bottom in the Dollar) would rhyme nicely with the oil-Dollar relationship three years ago (just a different long weekend and a different much less useful commodity).
Silver did a double top, solidly popping the 78 Fibo. It didn't hit a higher high though. You got a good observation, just not sure that gold and silver are the same type animal or that history will rhyme this time.
Totally agree with 3 day weekend....plus I can guarantee you massive market moves whenever I take a vacation, 100% accuracy on that. LOL, indeed been expecting serious shenanigans over labor day.
Hey, Steve!
ReplyDeleteSure glad I do not trade the stuff. Normal retracement in an up trend until proven otherwise.
i calculated gold S1 was 1692-1701 a few days ago , if it goes back down from here, i don't know where the new s1 is ...
ReplyDeletehere's a KGC chart. i thought KGC would get to 19. it might still get there.
ReplyDeletehttp://zstock7.com/wp-content/uploads/2011/08/kgc-8-22mm.jpg
Agreed, don't trade physical. It is now at the 61 retrace, and market seems to love to pop the 78 Fibo retrace, which on a linear chart pegs at the 50% channel line, which is a big one. I think so many JoeSixpack on the gold thing that market will want to pummel them some more.
ReplyDeleteqqq raising S1 to 51.8. i think we are in a bottom fishing rally. they tend to last a couple of weeks.
ReplyDeletehttp://zstock7.com/wp-content/uploads/2011/08/QQQ-8-26AA.jpg
That would sure mess with the bears heads and accounts.
ReplyDeleteSD if this gold move mimics silver shouldn't we expect a slightly higher high before the trip to the abyss gets underway? I'm still reading a lot of extreme and almost defiant bullishness in gold with all sorts of contrived and positive justifications for the, ahem, little hiccup in price. A top over the Labor Day weekend (and a bottom in the Dollar) would rhyme nicely with the oil-Dollar relationship three years ago (just a different long weekend and a different much less useful commodity).
ReplyDeleteSilver did a double top, solidly popping the 78 Fibo. It didn't hit a higher high though.
ReplyDeleteYou got a good observation, just not sure that gold and silver are the same type animal or that history will rhyme this time.
Totally agree with 3 day weekend....plus I can guarantee you massive market moves whenever I take a vacation, 100% accuracy on that. LOL, indeed been expecting serious shenanigans over labor day.