Is the bottom in for the correction in gold?
Dave Erfle joins me to focus on the bounce in gold, gold stocks and silver today. While some people are calling the bounce today as a bottom for gold it is still a little early. However there are some key moving averages that gold held that should give gold investors confidence that the downtrend could be over. We also look into Marathon Gold and the news today that is continuing to drive the stock higher.
Thank you bonzo……..and Lee was a great one……
Happy belated birthday dear Jerry!
Thank you Norrareal appreciate the thought……
BTW……..I appreciate you commenting , and giving us some added info….Helps some of us stay on track…..thanks again…
I caddied in a group with Trevino in 1968, the year of his 1st major. Interestingly, Trevino won a Major at least once in each of the 60s, 70s & 80s. Only a handful have done that feat.
Trevino never had a golf lesson but Nicklaus said in his book that he feared Trevino more than any other golfer.
Did Trevino talk much? He is one of a kind.
David don’t you think we need inflation to really see the metals and miners really take off.
When you think we will see inflation unfold.
Several years ago I saw Trevino play a round with Arnold Palmer, Gary Player, and Nicklaus and he never stopped talking, giving advice on what club to use and where to aim the shot. He was very funny. This was at the Woodlands north of Houston
For the millionth time gold has bottomed! I will eat crow if it didn’t…My $1781 long time hidden target was darn friggin close. Obviously some shares bottomed really early and others later on. I’m talking more specific spot gold or futures.
I agree with and I have mentioned this that the low will get restarted but not fully. That’s all I have to say lol..
Cory short term and long term gold has bottomed here I have no doubts. My strategy or more specifically my system has been really good this year.
I agree with david and yourself Cory that gold will rise slowly not V but the shares will rise at twice the speed!!Take that to the bank
Glen
Glen……..You the Man………Set tight……..the turn around has started,…..2015 Dec. with a double bottom…..was the move up and few nailed here…….
Matt was spot on, and little few payed attention……
I meant re-tested but not fully close to it. That will the right shoulder formation 😉
Thanks Glen and Matt, lots of great technical stuff. Someone was looking for a copper company to invest in, quadruple since Sep. for Surge Copper.
I wish I would have hung on longer.
Nice, Dan, that chart still looks strong!
Silver is up 8%+ since yesterday’s low.
https://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=4&mn=3&dy=0&id=p08499943307&a=619821453
Like most of the sector, $GDM accomplished a lot today:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=7&dy=0&id=p15192396950&a=577249153
Possible pull back for a few days (Friday NFP?):
https://postimg.cc/21S8DDcq
May retest this morning’s high (1832.46).
Glen, I do not think we will get the pullback in gold that you said would happen after it reaches about 1880.
$2400 here we come…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=0&dy=0&id=p64203432980&a=849321722
Thanks for the bb chart………….
If not hit by lightning 45 years ago. If he had the opportunities of Nicklaus and Woods and the help. Nobody ever better. He was in a round with Tony Jack. TJ told Lee I won’t be chatting during the match. In other words don’t talk to me. Lee countered with no need for you to chat TJ. Listening will work just fine. He won a major a decade later after just about losing his life and being crippled with a bad back. Said Moe Norman was the best striker of the ball he ever seen. Class act doing lots for charity. No one ever like him and might not be like him again
Matt,
The bottom is in just in case you have me confused. We’re not going lower. In regards to the charts, I was looking at a pattern which has us going today possibly $1840/1845 overnight.. tomorrow hitting that $1880 zone then Friday a final good scare on the weekly candle down. Maybe testing $1780 but that would be a flash crash..
My scenario may not play out but the head formation is completing. Time to form the other shoulder soon lol..
Yes $2400 we can discuss numbers at a later point. Projections etc..
Glen, I hope you’re not confused. 😉
I was referring to something you said yesterday: “This move will have us go to $1886-$1990 region “ give or take. Precise number I’m looking for is $1888. From that level we should drop to retest these lows.”
I do not think we’ll get your pullback to retest the low.
Matt,
Matt Yes I’m still not ruling out slightly higher to those targets “ give or take” and then to retest the lows around “$1785-$1795 area.
But I could not disagree or disregard your statement as well. It looks good 🙂
Glen……..the old “flash crash”…is going to scare the boyz…. 🙂
Are we now looking at $2400…gold……if, so, when, next quarter……thanks…..?
Matt or Glen….appreciate the thoughts……
Never mind……….I see your later comments on another section…..I am playing catch up, from Wed….I took the day off….. 🙂
Haopy birthday Jerry and Lee Trevino, one of the greatest Texan athletes.