remember the gold stuff could still put in a lower high i.e.
wave B then another consolidation wave C. Short term gold,
GDX, etc had a small abc down and 60 min MACD divergence so were
all set to bounce anyway. However is that an abc down of
A?
again all the pm stuff was technically set to bounce, just not
sure it's ready to roar straight to new highs, but I am looking for
an up move regardless had the Saudi news came out or not.
however for 'gold bugs' who may have sold out of all or most of
their positions near the divergent highs, this could be an area to
start scaling back in some i.e. 1/3 etc. You don't have to
try to pick the exact bottom. again depends on your style
Also would be better for the precious metals market to see the
commercial net short come down lower and the large
speculators position. While it has dipped some now it's still
very elevated
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remember the gold stuff could
Good article - https://seekingalpha.com/article/4291539-gold-futures-selling-overhang ... may buy 1 futures short ...
Posted by matt on 15th of Sep 2019 at 03:10 pm
remember the gold stuff could still put in a lower high i.e. wave B then another consolidation wave C. Short term gold, GDX, etc had a small abc down and 60 min MACD divergence so were all set to bounce anyway. However is that an abc down of A?
again all the pm stuff was technically set to bounce, just not sure it's ready to roar straight to new highs, but I am looking for an up move regardless had the Saudi news came out or not.
however for 'gold bugs' who may have sold out of all or most of their positions near the divergent highs, this could be an area to start scaling back in some i.e. 1/3 etc. You don't have to try to pick the exact bottom. again depends on your style
Also would be better for
Posted by matt on 15th of Sep 2019 at 03:38 pm
Also would be better for the precious metals market to see the commercial net short come down lower and the large speculators position. While it has dipped some now it's still very elevated