Gold is at the tough spot again... it needs to secure a 20DMA / 50DMA crossover. $GDX $GLD $SLV $TLT
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Near term target reached at about 1223. The blue channel is the 55-day highest and 55-day lowest close.
I believe we get the 1240-1245 mark by next week.
I believe we get the 1240-1245 mark by next week.
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Similarly, the 55-week highest close and 55-week lowest close is shown here. Notice the clear rejection of the Year Camarilla S4 line (the thick orange line in all pictures).
This rebound has legs.
This rebound has legs.
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Dow Jones finally giving up again and we are moving toward that 1240 target.
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Does it top out at Year CAM R3 @ 1243 or do we form a similar move to October 10-11 to 1265/1270? No position but gold is in a GREAT position for long this December for the seasonal strong rally. Stocks are positioned for a dead cat bounce into the New Year and could really start the true pain in January.
Remember that silver futures commercial positions according to the COT data have never had a level like this
www.barchart.com/fut...echnical-charts/SI*0
Remember that silver futures commercial positions according to the COT data have never had a level like this
www.barchart.com/fut...echnical-charts/SI*0
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USDJPY may be embarking on a huge downtrend as well.
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Gold futures died right on the backtest of CAM Year S3, this is expected. 10 point drop right off it as stocks make a huge recovery.
Find the edge.
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