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GLD SPDR Gold Shares and GDX Market Vectors Gold Miners ETF
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GLD SPDR Gold Shares and GDX Market Vectors Gold Miners ETF

  #11 (permalink)
Elite Member
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3 down day pattern

the 3 down day pattern is emerging. addx3..........

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  #12 (permalink)
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  #13 (permalink)
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Source: Bespoke Investment Group - Think BIG - Gold Trades at Most Oversold Levels onRecord


Quoting 
The price of gold is currently trading more than 4.5 standard deviations below its 50-day moving average, which clocks in at the most oversold reading since at least 1975. The chart below shows the daily overbought/oversold reading for gold based on the number of standard deviations it traded above or below its 50-day moving average. As shown, there have not been very many occurrences where the commodity traded more than 3.5 standard deviations below its 50-day moving average. In fact, there have only been ten.

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Mike

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  #14 (permalink)
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Source: US Mint Sells Record 63,500 Ounces Of Gold In One Day | Zero Hedge

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  #15 (permalink)
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Gold Mining stocks look to be under heavy accumulation by smart money.

Anyone with familiarity with R. D. Wyckoff analysis will see a massive selling climax followed by massive accumulation.

Attached is a daily and weekly chart for Barrick Gold (ABX).

I follow about 1/2 of the stocks with penny priced options, they include 8 of the 10 largest gold miners. All 8 have price/volume patterns similar to this.

10's of billions of dollars are going into the gold mining stocks. Accumulation can take several months. Seasonally gold tends to make cyclical bottoms in the Apr - Aug time period.

It would not surprise me to see another down leg, the BTOs love to shake out early longs by running their stops and create false breaks to trigger bears short before taking prices up (in Wyckoff terms, it is called a spring).

GLD has a similar price/volume pattern.

IMO, putting on a small position in LEAP Calls on some of the gold miners is a reasonable speculation. I expect to see much higher prices a year or 2 from now.

Attached Thumbnails
GLD SPDR Gold Shares and GDX Market Vectors Gold Miners ETF-abxweekly20130524.png   GLD SPDR Gold Shares and GDX Market Vectors Gold Miners ETF-abxdaily20130524.png  
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  #16 (permalink)
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I do agree with your LEAP call positions for the reason that you noted, longer-term, GOLD is up. However, as you also mentioned, another down leg in gold is to be expected. Dan Norcini understands gold speculators to control this market, not the commercials. Why would anyone step in front of the HEDGIE train. Therefore, the continued and all time short selling will only take prices lower. Buyers are coming in at 1360 level bought by bullion banks and swap dealers, not speculators.

Another reason we are in for another likely downside move in GOLD is the $USD. It breached and held above its Fib 61.8 from its 2010-2011 hi/low. This is the second week for the USD to hold above that FIB. Naturally, it suggests further upside for the USD and its inverse corollary - gold downside.

This market is great for the INVESTOR but not good for the gold TRADER. Its not "how high she can fly" but "how low she can go."

Ken



bhreach View Post
Gold Mining stocks look to be under heavy accumulation by smart money....Attached is a daily and weekly chart for Barrick Gold (ABX).

10's of billions of dollars are going into the gold mining stocks. Accumulation can take several months. Seasonally gold tends to make cyclical bottoms in the Apr - Aug time period.

It would not surprise me to see another down leg, the BTOs love to shake out early longs by running their stops and create false breaks to trigger bears short before taking prices up (in Wyckoff terms, it is called a spring).

GLD has a similar price/volume pattern.

IMO, putting on a small position in LEAP Calls on some of the gold miners is a reasonable speculation....


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