How To Trade This Bounce In Metals
David Erfle joins me to share his thoughts on how to trade the current gold market. We have heard many times that gold is due for a bounce and we are seeing the bounce today but after the monthly and quarterly closes last week there is a lot of work to the upside. We discuss what stage companies need to be at to help support the stock and possibly move up.
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Bad advice IMO. Everything I have needs or wants higher gold prices. To sell now is stupid after owning some of these for over a year. I don’t have to make a fortune every year………..just once and selling now would be giving up those chances. Some of these experts forget that past comments made over the spring months likely helped many make a decision on buying in selectively. Now the advice is forget it……….if we bounce, sell. BS
There are plenty of juniors who control high margin projects. I am personally invested in many of them and plan to hold for the long term. However, juniors who control projects needing $1300 gold or higher I recommend selling on this bounce. I hope I am wrong and the gold price flys through $1310 but learned long ago to listen to the market. Gold has broken down on a monthly basis, so waiting patiently with a large cash position while holding quality juniors with the attributes discussed here is the prudent thing to do. GLTAL
David could be right. Gold was oversold on many oscillators and today’s action could merely be dead cat bounce or mild short covering. It would be interesting to see how weekly chart closes on Friday. Silver chart on the other hand looks pretty ugly – weekly broke the trendline going back to 2016. I would take advantage of rally in silver (if it materializes) to unload any long position. Have a feeling, we could see repeat of 2012 where strong dollar affects the entire commodity complex.
There is no meaningful similarity to 2012. Unless gold closes at least one week below the 600 week MA (currently 1221), I see no reason for concern.
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The miners have very consistently outperformed gold for the last several months. This divergence is a positive one for the whole sector, not just for the miners. It also strongly suggests that gold will not fall apart.
XAU:GOLD weekly:
http://schrts.co/VEZQaj
Considering the action and the effect a holiday has on markets, I wouldn’t be surprised if gold retests yesterday’s low and even slightly exceeds it. If it does, I doubt that the move will come with confirming moves from the miners.
Very telling chart.
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David is just plain wrong on Gold. Watch going forward; Through David’s Resistance at $1310, then watch the Gold Coin ping up to and through $1339, then to $1359, then though $1370 and the very next day $1424 then you’re off to $1475…and now the real fun begins. All that said to say…if you aren’t getting Physical Gold right now here at $1253…..ya watched the bitcoin crowd celebrating 1/2 a year go too……