THAT WAS BULLISH
Dec 2, 2014
The move made by GOLD & SILVER was very bullish in my opinion. Any pullback from here will be monitored, but likely as BUY opportunities. The set up is great because it confirmed what I had been mentioning from Nov 7th, that an ICL (Those meaningful trade-able lows) was in place. We witnessed MANY shake outs each Friday along the way and FRIDAY, ( That 1/2 day light volume day? yeah right) ... SHOOK THE FOUNDATIONS, but the RECOVERY was just as breathtaking if not more so. Lets examine what it means going forward. This was what happened Before the SWISS VOTE on Gold and what happened AFTER the VOTE was "NO".
GOLD - The shake out / Recovery was an explosive bull move.
Gold is currently down $13 as I write...is that concerning? ...
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DID YOU SEE ‘IT’ THIS TIME?
Nov 25 PART 1 This first part of this report I wrote at Noon time Tuesday.
AUDIO LINK click here / then click 'download' - then click "open" & return here to follow charts when you hear the audio
Follow my thinking on this one : Earlier I discussed the SWISS BANK REFERENDUM and how some may be cautious going into the weekend with that on the table. Anyone who has entered trades in the Gold & Silver markets may be planning on Selling Friday, especially if they didn't buy near the lows and cant take a possible "Gap Down" Monday after the vote. I have pointed out that for the past 3 Fridays People are nervous holding metals positions into the weekend. I see on several Blogs each week, "I am NOT holding Miners into the weekend" and then Friday there is a sell off in GOLD only to see that later it closes GREEN . Interesting .
Could selling this week be "The Final Shake Out / Leave many behind move" before a nice break out higher? Break out? Yes, above the 50sma on $GOLD $GDX $GDXJ
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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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