Near term outlook for gold balanced against the all-time highs in US markets
Chris Vermeulen, Founder of The Technical Traders joins me to answer the question all gold investors have… Has gold bottomed? He provides his near term outlook and levels to watch for gold and US markets.
Matt,
So far so good amigo. Expecting gold to hit my targets as mentioned the other day. Once it breaks through this minor resistance at $1838-$1840 it will run fast towards $1875-$1890 give or take. I like $1881-$1888.. Resistance will stop it there temporarily at least I believe. Shooting it back down tomorrow and by Friday to test that $ 1778-$1784 region. If this scenario plays out, then next week will propel as higher from those lows.
1780 again? No way Jose! (Hose A?) 😂
Lol, I’ve had a very good run don’t blow it pass me 😉
If it does your going to have to take the remaining wagyu from your stash because it will be another down day 😆.
I’ve restocked my wagyu so I can proceed boldly. 👊😎 🐮🥩
I think it’s more likely to hit 1915 and then pull back to 1885.
I’m more interested in knowing when Silver will hit $30. What do the chart wizards say? DT
28 should be easy this month but 30 is also very possible. This move is going to catch a lot of people off guard so we should have some short-covering jet fuel.
Thanks Matt, much appreciated! DT
Ditto!
Dt seeing the same thing.. Silver is going to fly lots of catching up to do.
Silver Guru……..reporting………silver needs to catch up for sure… 🙂
Platinum……..finally catching a bid…………………
I like that $1915 call………..thanks Matt………..
Looks like Glen, likes the Number also………
Who wouldnt like $1950?
I went to buy phyzz precisely at the low of the dip. Perfect timing.
A rare occurrence for me.
My car blew up.
Didnt think vehicles were part of the jr mining gold risks. 😉
Learning every day I guess.
Matt,
Your correct it ain’t going down there again to $1781 come to think about it. I do like $1915
I think this week green candle next week green candle definitely going into that $1880 your target 1915 first then $1940-1950 before a pull back to complete that right shoulder.
Bottoms UP……….cheers……… Bottoms in……..
I said Gold was going higher…lol :)……. J. the Long… 🙂
$2000 After Christmas…. 🙂
Biden might be in Jail by then…. lol 🙂
The miners look great versus gold.
GDM:GOLD
https://stockcharts.com/h-sc/ui?s=%24GDM%3A%24GOLD&p=W&yr=5&mn=5&dy=0&id=p75735081583&a=673536254
Just like the low in March, gold bottomed at the 233 day MA:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=6&dy=18&id=p13508134443&a=752776781
One question……….Why, is the 233 day moving average important….?
Why use 233 dma….. Just wondering….. thanks…
From, J. the Long….. 🙂
233 is a Fibonacci number and I have found that the 233 MA is sometimes more useful than the much more widely followed 200 MA. The recent low in gold is a good example. The 233 MA marked the low while those who follow the 200 MA might have sold out needlessly when price closed below it for two days…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=1&dy=0&id=p98618103170
If you’re not familiar with Fibbonacci numbers, the next one after 233 is 377 and the one just before 233 is 144. So 233 has quiet a bit of room around it. Here are the Fib-based MAs from 13 to 610 (600 here since stockcharts doesn’t go any higher – close enough):
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=0&dy=0&id=p92272608891
THANKS MATTHEW…….good thought on the 233 vs 200 dma…..
Clive Maund has —The Essay of the Millennium —on 321gold.com. Spend the 15 minutes, a must read and printout.
Half the world could get Russian Sputnik V Covid-19 vaccine, say creators, as Moscow starts distributing doses en masse
3 Dec, 2020 14:31
https://www.rt.com/russia/508581-sputnik-v-mass-vaccination/
Marty……..I posted your mentioned article, for others…..over at the political spot…..
I think it is SPOT ON………………jmo
Death of …from 1947 to 2020……
Actually, freedom became imaginary after the creation of the Federal Reserve and the institution of the income tax. There’s no way around that fact.
Well, I would have to agree with that fact…..
Cory, Gold wasn’t breaking down, it was being” taken down” that can only be remedied by the reinstatement of the uptick rule, maybe even a double uptick rule
Ditto Marty……….. they young ones do not get it yet…. LOL…. 🙂
they to the….sorry
Who you calling young Jerry? Your older than me. Am I young LOL!!
Do not know Charles……how old are you….?
56.
72 here Charles, that make you a youngun….lol……. 🙂
Respect you elders, now….lol 🙂
Absolutely! Elders have Devine wisdom! I have learned a lot from you Jerry and I always enjoy your posts, rants and especially the wry humor.
No more political board Jerry?
The snowflakes cried to Cory, and the Political board has been relegated to the corner of the board, which you really have to look for it, …if you are new, there is no way you will find it….what a joke….jmo of course……
Look for the red, white and blue to the left ……that is the new political statement section…..shrinking freedom, ….must to how must conform to the CROWN…. lol
Chris the problem is you have been totally wrong most of time this year using technical trading.
Your long term newsletter kept everyone in and watch stock tumble down in March on to bounce up from 2200 to 2500 and you had them sell 50 pct because you said retest and mkt crash, then watch stocks come all the way back up to 3k level, those people were puking.
In your swing trade newsletter you were wrong on 70 pct of your trades pitiful.
Technical trading is great looking on charts but you can’t read them.
Looser.