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One problem for the gold stock sector was highlighted here and here evidently a little too obnoxiously for the liking of some bugs. The problem was the aggressive bullhorn sounds emanating from every orifice of the gold community the minute the charts broke upward into an obviously bullish technical state.
One of my best-performing ETF shorts continues to be the metals and mining fund symbol XME. It has been turning away from its fourth clear reversal pattern (see cyan tints), and I anticipate much lower prices to come in the months ahead.
In yesterday morning’s Bold Gold Rolled post, I suggest that the selloff in precious metals might be nearing an end. That seems to have panned out so far. Below are some relevant charts that appear to have found stability at present price levels.
In spite of the President’s declaration on Saturday that the dollar was “too strong”, King Dollar is holding its own and, in turn, gold continues to get battered. It has tumbled hard pretty much every day since February 20th. I wanted to mention, however, that it could be finding a reasonable area of strength soon.
The number in the title is in honor of the boldest forecast burped up by the gold community in February as the metal (and the miners) jerked upward and jerked the holdout would-be enthusiasts into the market. It was included in the anonymous (but real) quotes from a cautionary post last week on the Gold Bull Horns.
We also used these quotes in an NFTRH update in order to try to make a point, despite what were very short-term contrarian bullish readings that day (per Sentimentrader’s data) for junior and senior gold miners.
(more…)One of my favorite charts these days, symbol XME, is the metals and mining fund. We are turning away from the fourth major reversal pattern on this.
Over in the gold patch things went from disinterested and downright antagonistic (A Notable Lack of Interest in Gold) to sleepy (Gold “Community” Crickets) to ferociously over bullish. Check.
Any long-time and right minded gold bug will tell you that the latter condition is usually a signal to prepare for some turbulence.Wednesday and Thursday brought the turbulence in the form of a reversal and pullback for gold, silver and the miners.
Since we became constructive on the gold sector in Q4 2018 (per the links above and especially NFTRH reports/updates) the groundswell of gold boosting (pom poms and all) has steadily risen since it became obvious that something bullish was going on in January. And it appears that last week’s breakout from various daily chart bull flags in gold, silver and the miners finally jerked ’em all in. Enter the Thursday pullback. (more…)
