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Charts from the Lunatic Fringe.

jelly

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I'm holding out for a pullback to enter long positions, but i'm not sure if we're going to get one! It's been a while since gold has been in the non-stop rally mode. 2016?
 

Strawboss

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I'm holding out for a pullback to enter long positions, but i'm not sure if we're going to get one! It's been a while since gold has been in the non-stop rally mode. 2016?
In that situation its best to move down to a smaller timeframe chart for an entry...maybe a 30 minute or hour chart. Wait for the pullback on that timescale for entry but use a fairly tight stop. You might have to take a couple/few small losses before you get an entry you can stick with and then adjust your stop accordingly.
 

Zed

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Visit wolfstreet.com daily, he is normally worth the effort.
 

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Zed

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Gold 4H is the cleanest view... smack, right into that wall!

AU-4H-20190608-1.png
 

Zed

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Gold Daily is looking overbought, my best guess here is that we need to catch our breath and correct or consolidate. Staying over the 132x mark on a daily closing basis would be desirable. 1300 test not out of the question. 1340 break negates if momentum is still with us. Watch this space.
 

Zed

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PS> The 1380-1400 target is still on the table for now, the daily pattern can still resolve that way after a consolidation.
 

Zed

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Gold Monthly (last bar incomplete.. obviously!)

.... anywhooooo note the red line on the RSI. When we start to operate above that we are back in bull mode for a good while. Note we are knocking on the door of a critical level on both price and RSI at the same time. Third time is the charm?

AU-M-20190608-1.png
 
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Gold Monthly (last bar incomplete.. obviously!)

.... anywhooooo note the red line on the RSI. When we start to operate above that we are back in bull mode for a good while. Note we are knocking on the door of a critical level on both price and RSI at the same time. Third time is the charm?

View attachment 133276
I may want to wait until next week to see what gold brings. Just learned that Mexican tariffs is resolved so no 5% hike. That means bad news for gold because the Fed Reserve now have reduced the chances of a reduction in the rates but again it may also be bad for the markets because everything is priced so high.
 

Zed

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I may want to wait until next week to see what gold brings. Just learned that Mexican tariffs is resolved so no 5% hike. That means bad news for gold because the Fed Reserve now have reduced the chances of a reduction in the rates but again it may also be bad for the markets because everything is priced so high.
I don't really believe that gold is reacting to the current news stream. I think gold buyers are looking forward a few years here, IMO money doesn't run to gold if it thinks a short term glitch is on the horizon. In that case, they run to short-dated T Bills. This just looks to me like it has been a long term wind up and it is getting ready to step up the gradient.
 

louky

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Gold CoT

Funds increased their net longs by the largest amount ever (speed of increase) . Overall position is modest, but higher than the peak in February

Banks doubled their short position, also at the fastest pace ever and the highest level since November 2016.

Producers loaded short as well, back to feb levels

Combined, commercials have their highest net short position since april 2018.

Also, igoldadvisor switched his videos to huge green lines, pointing straight up to 1500+ with no pull back :p
 
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louky

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I'm holding out for a pullback to enter long positions, but i'm not sure if we're going to get one! It's been a while since gold has been in the non-stop rally mode. 2016?
It ran straight from 1251 within pennies to 1359 within pennies during summer 2017 with no pullbacks on fake NORK news.
 

louky

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louky

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Theyre still painting "no go" on the chart, yet it keeps marching higher.

After 1296 support...sounds familiar? Kept marching higher


CoT doesnt look favorable either, if that's your thing. Another red flag for a top here

Sound familiar? Unfavorable CoT, then..........

To be honest, right now it looks like gold is gonna spring board above 1296. At least for a pop
Then it happened almost instantly, 1359 top
 
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louky

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It's February, mmmmhm. Handle pullback target would be 1269-78 possibly
Wow, 1269 bottom of the box.

Post from jan 29th.Peaked in feb. i usually start preparing for the other direction before everyone else.

1359 in focus for now, but below that it's no man's land all the way down to 1305.
 

louky

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my orginal thesis was summer july low (came two weeks late august) with may 19 being a significant top. So it could take a while to play out.
This should test 2016 highs again, if I was correct.
Based off my long term work, from sept 2016.

Moon box is 1359, 1368, 1377, 1386, 1395

We checked off 1359 in 2017

1368 top in 2018

Running into june 2019 already now, but again, 1377-86 should of been on the table from july 2018 bottom to may 2019 (thereabouts-before summer)
 
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Goldhedge

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Zed

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Zed

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Bullish writings are bearish.
Yes... until they aren't.

Big short positions are bad until they become rocket fuel.

... so we patiently watch with the low expectations and the unfathomable patience of a jaded gold bull.
 
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savvydon

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Asian Sunday night metals beat down in progress. Gold back down below 1330. Hope this is the quick and efficient wash out before the next leg up which has been discussed as a best case scenario.
 
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Someone showed this interesting chart. Can mean two things, Europe and the Global econ has to play catch up or we are overvalued by market standards. Gold is down 11 as to speak, not too shabby, fortunately it held up nicely after crossing off Mexico from that tariffs list.
 

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Zed

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Asian Sunday night metals beat down in progress. Gold back down below 1330. Hope this is the quick and efficient wash out before the next leg up which has been discussed as a best case scenario.
This is a significant break so it will be hard fought.
 

savvydon

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This is a significant break so it will be hard fought.
It has the feel of a big bank attack. Seems silver is always used as leverage for these smack downs. This has been going on for quite some time now and is how we got to a silver to gold ratio of 90. This is an early/aggressive move for sure. It will be interesting to see if there is an answer. I guess the big banks figure the way to stop a short squeeze is to throw more shorts at it. Maybe the thought is that with the resolution of the Mexican tariff thing the dollar will take off and give the bank some momentum to bury gold. I would love to see some miscalculation/black swan event catch the bass turds flat footed and see the rocket lit with the short fuel they have so graciously supplied.