Things To Be Aware Of
Nov 25, 2014 AUDIO HERE http://www.screencast.com/t/X77Ul4hyP
We have a light volume / Holiday shortened trading week in the U.S. Mkts this week , so In todays report I just wanted to point out a few things that are Noteworthy.
BRIEFLY let me just mention that the SWISS Referendum. It is a vote that takes place on Nov 30 deciding 2 things actually. 1. Whether or not the Swiss National Bank should be barred from further selling of their gold reserves. 2. It also would mandate that they need to more than Double current reserves! THIS VOTE takes place .....................SUNDAY. Its important to note because it may influence how you are positioned going into the weekend. I believe the vote could be a "catalyst" for strong POP in Gold Monday or possibly even a sell off into a somewhat early Daily cycle low. If you want my opinion, I think a NO VOTE is expected and so its already baked in. A YES vote would cause a strong rally , because there are bullish implications ( Swiss Bank Cant sell Gold / Swiss Bank must begin buying / Accumulating Gold (they currently hold 8% of assets in Gold and the vote would mandate accumulating and holding at least 20% over time). There is more , but that's enough to know for now. Here is how I am looking at GOLD from day to day.
GOLD Please notice the "NOISE" zone. (Click chart)
It seems that when GOLD drops only $5- $8 , I get emails asking for an update. I am told that accumulation is lightening and this is apparently bearish, etc. Realistically, GOLD cannot stand at 1 price all week, it has to be allowed to rise & fall...to fluctuate (likely that could occur until that NOV 30 vote). Please notice this GOLD NOISE ZONE in the chart above . Gold in this area need no update, its acting normally. A break out or break down might need to be addressed.
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It seems that when GOLD drops only $5- $8 , I get emails asking for an update. I am told that accumulation is lightening and this is apparently bearish, etc. Realistically, GOLD cannot stand at 1 price all week, it has to be allowed to rise & fall...to fluctuate (likely that could occur until that NOV 30 vote). Please notice this GOLD NOISE ZONE in the chart above . Gold in this area need no update, its acting normally. A break out or break down might need to be addressed.
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Am I Comfortable In Shorts Here?
Nov 23 Weekend report (Sunday 5 p.m.)
Someone asked me to let them know when I'm comfortable shorting the Gold/Silver market in the next few days, especially since The $USD Popped Friday. I'm glad you asked! While there always may be some 'short term' success in a short position from day to day... I still believe that it will end badly for stubborn shorts in the next few weeks. If you have been reading my reports for the past 2 weeks then you know what my thinking has been. Not only does it remain the same, but I believe we could get an accelerated move upside after a few minor dips in the coming weeks and I would NOT want to be caught in shorts out in those waters. Let me show you why...
Recall that In this Friday Nov 7th report here - http://www.chartfreak.com/2014/11/07/scary-yet-beautiful/ ( And the following wkend report) I called the GOLD lows Pre-Market.
( Audio link here : Nov 23 wkend report - Click the link, click "Download" then click "OPEN" & return here to follow along )
SO 2 weeks later, with those LOWS still in place, I want you to note this $GOLD / $USD CHART last May 2014 :
Once the GOLD lows were in, In MAY the dollar popped and GOLD resisted.
DID you notice that on Friday this week the $USD popped, and $GOLD went up too?
Notice also on the above chart what Going short on a reversal after the lows lead to pain. Also ...
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Once the GOLD lows were in, In MAY the dollar popped and GOLD resisted.
DID you notice that on Friday this week the $USD popped, and $GOLD went up too?
Notice also on the above chart what Going short on a reversal after the lows lead to pain. Also ...
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The Friday Illusion Again?
Nov 21, 2014 Freaky Friday 6:00A.M.
Will they sell Metals off? Will they buy it back? Will Metals break out higher going into the weekend, when less people are likley to BUY & HOLD ? Its hard to know exactly what we will see, but lately Fridays have been exciting in the Metals markets, so I got up at 5 a.m. today to see if the Friday shenanigans that occurred in Gold the past 2 Fridays would return. So far, it seems likely. Well, if you've read my prior reports, then you know what I am looking for at the end of Friday on the weekly charts, so I will just touch on a few things here and then take a look at a couple of other interesting chart developments elsehwere.
First- this is the "SNAPSHOT" I woke up to... whats your first thought?
It looks like another dollar rally coming , and a Gold slam down, but notice this ....
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It looks like another dollar rally coming , and a Gold slam down, but notice this ....
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