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Charts from the Lunatic Fringe.

Goldhedge

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Curious... would a US bank unwind a short position on the other side of the world?
 

Zed

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Curious... would a US bank unwind a short position on the other side of the world?
Depends where they held their contracts i.e. what exchange. They are not fungible. Except Comex and Globex they are the same market just open out cry v electronic versions.
 

Zed

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I see it coming back to Earth. You are on it so far, Z
POG is coming back for another swing at the title. Still looks like it is losing momentum but she is gonna put up a fight for the high ground.

PS> I will be happy to chalk this one up as a dud call BUT I'm still clinging to those guns.
 
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louky

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GOLD
- Daily RSI 84
- Daily MACD Line highest since July 2016 peak
- Weekly RSI 77 = Highest since Aug 2011 peak
- Spot DSI 96 = Highest since 98 at Aug 2011 peak
- Banks holding biggest short position since July 2016 peak
 

jelly

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Not too early to hop on board...?? I'm thinking it's going to retrace to that red line...

Whatcha think??
YES, this is a steal at these low levels! Don't expect too much of a pull-back as the buy signal has just been issued.
Fingers crossed. It's my largest holding, and the core of my portfolio.
There's only one potential concern I have about AG, and that is increase in mining taxes in Mexico. With the Trump dispute with mexico over the border and illegal immigration, I worry that eventually Mexico might retaliate with more taxes on the mines. Might be pointless to worry about it.
 

jelly

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Miners had a nice correction. The question is, will this be a one-day drop before chuggin higher, or will this continue to consolidate for a few more days/weeks?
 

savvydon

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Miners had a nice correction. The question is, will this be a one-day drop before chuggin higher, or will this continue to consolidate for a few more days/weeks?
It has been a pretty chaotic day. Lots of ups and downs. Lot of scrambling. No clear picture emerging yet.
 

Zed

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Gold 1H. Broke that trend but held up OK. So far we have high level consolidation. The daily is way in over bought territory so odds are that this chart breaks down BUT at the least we didn't run straight into the monkey hammer!

AU-1H-20190626-1.png
 

Zed

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AU Daily FLASHBACK to the last time we popped up in price and got this "overbought" this quickly. This is the ensuing price action in 2016.

AU-D-20190626-1.png
 

Zed

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On the monthly chart a close over 1395 is GOOD. We have to hold up for 3 trading days to achieve that. 2c FWIW.
 

Zed

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My ASX Goldies opened ~1.8% down today. Could be worse all things considered. We will see if buying comes back into the close or if we sell further down.
 

Zed

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My ASX Goldies opened ~1.8% down today. Could be worse all things considered. We will see if buying comes back into the close or if we sell further down.
Middle of the day and we are flat.
 

Zed

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Middle of the day and we are flat.
While gold breaks down further. ~1407 next support level on the hour chart.
 

Zed

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Only 25M in fines, not a bad ROI I bet!
 

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Zed

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GOLD 1HR Chart ---> OK... lost the first level of support. On a lower support level @~1407 and short term over sold. We should, by rights, see a bounce soon. Lets see how far we get with it.

AU-1H-20190626-2.png
 

Zed

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Gettin' a bit o' that ol monkey hammer at the moment...
Silver smells desperate all things considered. If they lose it, it should be a bit special.
 

Strawboss

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Yeah...I am betting on silver coming alive in the not too distant future...but - there is that early 90s example where silver stayed WAAAAAAAYYYY cheap against gold for a good year or so...(just something to keep in the back of your mind)....
 

jelly

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I suspect any pullback in the gold miners will be bought, as long as gold stays above 1380. Gold has been making some moves, and everyone knows that once gold gets above 1400, its GAME ON. As long as that hope is intact, I think the miners will hold their own. My thoughts on the current pullback.
 

Zed

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Yeah...I am betting on silver coming alive in the not too distant future...but - there is that early 90s example where silver stayed WAAAAAAAYYYY cheap against gold for a good year or so...(just something to keep in the back of your mind)....
It is way cheap! Max GSR has been 100 soooo... maybe we make 1500 with silver @ 15 but... really?
 

Zed

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Gold 1HR --> Support coming out of that 1402 to 1407 zone. Looking good for a small rally at least.

AU-1H-20190626-3.png
 

louky

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Not predictions, just saying

Sustained break below 1359 bottom of the box would imply a failed breakout. NCN

Fibs, under 1375 is "look out below"

1395 top of box
1386
1377 midpoint <----
1368
1359 bottom of box