I just wanted to write quickly and say that I got stopped out of my positions . Buying early in Nov should have afforded me the opportunity to Ride the entire first and 2nd daily cycle without trading. GOLD has run up nicely and had plenty of signs of strength along the way, but Miners (Esp GDXJ) are breaking the lows. I am NOT going short, GDXJ is breaking into its lower B.B. & could bounce soon. I just wanted to say that Miners being as weak as they are, they broke the lows that I was buying at (At the ICL)
Gold appears to be dropping into its daily cycle low and may continue to drop into the Fed Meeting, but cycle timing should be getting late and not leave room for a substantial drop. I will need to watch things going forward. Gold has acted perfectly, but once again Miners are back at lows and if they continue to sell off for another day or two, GDXJ could be quite lower.
Earlier today there was some strength in some silver stocks and Nova Gold, but they gave it up too. CDE, HL, NG, MVG, AG and a few others were actually up nicely while GOLD was down $14, and silver was donw $0.60 –but as Gold started selling off further, they got thrown into the mix too.
This was at 2 P.M. & why I didnt voluntarily stop myself out sooner. I thought some miners were signaling a turn soon.
It still MIGHT indicate that miners are going to reverse , since they showed a little strength until the final hour, but at this point…I am stopped out. I will have to wait and see what happens going forward.
I apologize for this being released so close to the close…It took a while to write it up.
Weekend Update 
GOLD DID NOT ‘FAIL’
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Your post came out just as I got stopped out of NUGT. I believe I’ll watch from sidelines till all this craziness calms down. Better to do nothing than something right now IMO.
Yes, I have looked at so many types of bottoms at an ICL (Meaningful lows) and I watched how $Gold on this run continues to look like it was going to break out upside sharply. It had several bursts of strength & I thought that sharp reversal near Dec1 couldve actually been a daly cycle low, since SILVER bottomed on that day.
Expected Miners to pullback and slingshot upward , as it has in the past / June 2013. ( They Still might, but GDXJ at Nov lows needs to respected until further signs).
Have my mental stop at around 21.90 for GDXJ., which is the support line going back to June2013.
If we go below this, i’m out!.
I see what you’re looking at and it may hold. I am thinking that going into the FED WED announcement may get volatile. Some stocks look decent, others are selling on heavy volume so its getting to be a bit of a mixed bag here.
Tricky.
Today’s Silver & Gold pukes have been halted by uptrend support lines from early Nov, so no damage there, if we can hold.
Some miners like abx are already at new lows.. Let’s hope it’s a dcl and a shakeout as a rally now will leave almost nobody long but abx at new lows is concerning.
Hi RM
I agree about ABX, but when I look at the set up for Cycles…its late in the timing (meaning a low is about due) And GOLD is holding up so far. I think Wednesday FED may be the key…but for now I have to just watch it play out.
I will be discussing it more in the morning. Thanks
I sure hope everyone was able to get out ok. I had played options on GDXJ which are now completely worthless but at least got out of GDX a couple weeks back. The setup looked good but just didn’t work out. I think that oil and the Fed mtg are just too strong right now; couple that with Dec tax/portfolio dressing and that trumps technicals every time. I’m amassing short into Wed (probably a bad idea but long clearly didn’t work). Hopefully something in the universe changes at some point and these become a viable investment. I continue to gain evidence for my thesis that these are just not swing tradable equities.
The Gold cycle hasn’t failed. If you look at a chart, it is still fine. Are you just amassing short positions in Miners? I just got stopped out of my positions because of individual positioning in Miners. As I mentioned in yesterdays report….some juniors broke to new lows in 2008 too, but you have to honor your stops. OPTIONS and LEVERAGE…thats another story due to decay. I’m working on a report.