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Charts from the Lunatic Fringe.

Zed

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Zed

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Zed

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I think the plunge team actually stepped in hard when the dow was down 500 pts. At the same time I think they tried to smash gold for a short time just an hour ago.
 

Strawboss

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So many drivers for gold right now...

Add Hong Kong and Kashmir to the already lengthy list...
 

Goldhedge

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I think they tried to smash gold for a short time just an hour ago.
Gold doesn't appear 'smashed' just yet...

Screen Shot 2019-08-05 at 10.48.02 AM.png
 
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Gold doesn't appear 'smashed' just yet...

View attachment 137995
It went back up again, it was a short blimp an hour ago, it was at 1437 to 1467 then it dropped to 1451 briefly and I saw that the plunge protection must have got the Dow from -590 to -500 that was lower than the 9:30 am trade and then now back up to 1464. It's so volatile like a combustible engine. and I think the plunge protection team is out of ammunition for a while. the markets could be bad in the months ahead
 

savvydon

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Interesting that with these US/China trade wars kicking in to the next level the Hang Seng and the Dow both lost exactly 767 points today. I think the message is clear: There is plenty enough pain to go around so that each side gets to share equally and fairly.
 
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Zed

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Strawboss

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Zed

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Gold stocks seem to be caught up in margin selling down here. Up strongly off the bat, however as the day progressed we have been caught up in the generally market down draft. ASX off ~2.5% at the mo.
 

Zed

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Gold 4H - Broke up out of the channel on the 4H chart. Into short term over bought and testing the upper bound of the channel as support. A short hop to the target from here. If this support holds I can see us testing 1500 here..

AUUSD-4H-20190806-1.png
 

Zed

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Northern Star Resources (ASX Gold Miner) is the only large cap stock that is up on the ASX today (as I type).

I don't think I have seen that before.
 

Zed

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strange day, gold is up and yet many gold stocks aren't participating the rally. They all do need retracements but not that extreme.
 

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In 2008 the GDX miners went from 51 all the way down to 15 in the "deflation scare" crash (left side of the chart).

The big money was made from that low into the 2011 high. The big money in the miners was not made before the crash, but only after the crash. Let me revise that... Some big money was made before the crash, but it was all lost if held straight through the crash.

I don't know if S&P 500 is going to crash, but..... I'm keeping an eye on it.

chart-1.png
 

Zed

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In 2008 the GDX miners went from 51 all the way down to 15 in the "deflation scare" crash (left side of the chart).

The big money was made from that low into the 2011 high. The big money in the miners was not made before the crash, but only after the crash. Let me revise that... Some big money was made before the crash, but it was all lost if held straight through the crash.

I don't know if S&P 500 is going to crash, but..... I'm keeping an eye on it.
I've been pondering this one. Will it play the same? In 2008 EVERYTHING was priced for perfection with leveraged rampant in all areas. While gold wasn't an intial point of failure margin calls meant good trades where thrown out to pay margin out on bad trades so it all went up in smoke. Sooooooooo are we there? OR are we still unloved and thankfully unleveraged as a result?
 

Zed

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Gold Monthly --> Louky's bear flag projects ~295 or the full Dent Deflation of EVERYTHING against the USD. Short of that we have to entertain the idea that the near term top is nigh and we are going to test 1300 again by the New Year?!

XAUUSD-M-20190807-1.png
 

Zed

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GDX Monthly --> I dunno, but it looks like, if gold is really in a new solid bull phase, it should do 36 odd before resting. Looks more like a big base than a long term bear... but then I have my biases.

GDX-M-20190807-1.png
 
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I am wondering if we are going to have a runaway train, to send gold up to unthinkable numbers, none of my charts have a grasp of the current movement in gold, it's like a strong force in Star Wars. As long as the Stoch RSI stays within 75+, gold will break through every resistance on all chart levels. Tariff increase takes effect on Sept 1st, a lot can happen between now and then and we could face more headwinds. * As a grain of salt, this is my opinion and I can be more than wrong. *
 

Zed

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Zed

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I am wondering if we are going to have a runaway train, to send gold up to unthinkable numbers, none of my charts have a grasp of the current movement in gold, it's like a strong force in Star Wars. As long as the Stoch RSI stays within 75+, gold will break through every resistance on all chart levels. Tariff increase takes effect on Sept 1st, a lot can happen between now and then and we could face more headwinds. * As a grain of salt, this is my opinion and I can be more than wrong. *
I doubt we are there yet...
 

Zed

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1485 is 50% retrace of 2011 to 2015 as i posted before, ~1584 is 61.8%
The latter was an implied target a little while back.
 
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I would agree that we are in a new bull phase but miners have not convinced me that they know how to operate at a profit. I would be looking more at takeover targets. Just my 2 cents.
 

Zed

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I would agree that we are in a new bull phase but miners have not convinced me that they know how to operate at a profit.
Most of mine pay dividends, so, you know... the money is there.