Hawk's Gold ~ The Legend Continues!

[fat panther]

interesting

have a look ---> http://www.jsmineset.com/

So.... we're looking at chopping around here for the next 12 months?

[Goldhedge]

A couple of stocks I'm following. Some simple support and resistance lines. I own none.

It sure appears that the bottom is NOT in sight. Support has been compromised!

[lunar]

Eric Sprott: Is the West Dishoarding Its Sovereign Treasure?

Submitted by Tyler Durden on 02/24/2013 - 15:29

Eric Sprott's findings support the growing meme that there is a massive bullion transfer from West to East. This should particularly concern those in the U.S., EU and Canada as his suspicion is that, increasingly, it's monetary gold that is being sold. "We are well into the financial crisis. Everyone’s trying to keep it together, even though it would appear from the reading of the economy things are not going well at all here. And everyone's ignoring things. But I think, in their hearts, the Central Bankers must know what they’re doing is totally irresponsible. And the tell of that irresponsibility – which is the debasing of the currencies – is the fact that real things will go up in value. This should be reflected in the price of gold and silver." For precious metals holders licking their wounds from the carnage of the past several months , this note offers both new insights and sound reminders of the long-term reasons for owning gold and silver.
__________________

[lunar]

Monday, February 25, 2013

Oh Bennie Boy, the Pipes, the Pipes are Calling

.....Gold showed some signs of life today as it moved up in terms of the British Pound, the Euro and of course the Dollar. I will not be too impressed with gold until I see a handle of "16" in front of this metal that remains there. That will tell us that the spike down towards support near $1550 was a temporary bottom. It is not unexpected to see the metal bounce from its first test of that critical support level; however, to convince me that this is anything more than a type of Dead Cat bounce, I want to see that "16" handle PLUS a clear upside break in the HUI. Gold has found a base of support here about $1550 but specs are still favoring trading it from the short side so we want to see how it handles tests of upside resistance.

The HUI was rather lifeless today given the nice pop higher in gold settling well off its best level of the day. That index has been a drag on the gold price for some time now so if we see it begin to lead to the upside for any reason, a great weight will have been lifted off of the actual metal.

There are several downside gaps that need to be at the very least filled, before this index will give an all clear signal. Aggressive traders can buy shares but please be sure to use sound money management strategies. Don't forget the trend is down so one buying must know that you are going against the trend. Just be careful. You can end up a HERO or you can end up a great big fat ZERO. That is not my style of trading but I realize that we have many wild-eyed specs out there who love taking reckless chances with their trading accounts.

Posted by Trader Dan at 2:01 PM

[liltrader]

Thanks, Lunar, for your last gold chart. Wondering what you and others think of Martin Armstrong's last blogs on gold; the second blog and the more long term 5th blog down at this ..... [url]http://armstrongeconomics.com/armstrong_economics_blog/

[Eat Beef]

A couple of stocks I'm following. Some simple support and resistance lines. I own none.

It sure appears that the bottom is NOT in sight. Support has been compromised!

Hedge,

Those are Trend lines not Support. Traditional support/resistance is horizontal, back to the old highs/lows.

Several of those HAVE broken their trendlines, but are sittin on what Hawk would call "look left support".

[Goldhedge]

Hedge,

Those are Trend lines not Support. Traditional support/resistance is horizontal, back to the old highs/lows.

Several of those HAVE broken their trendlines, but are sittin on what Hawk would call "look left support".

Ah didn't realize that. I don't know how to do Traditional support/resistance then...

Anyone want to do some teaching...?

[Eat Beef]

A trendline is support, or, more correctly, a derivative of support, but horizontal support is primary, as it's simply price.

[lunar]

Thanks, Lunar, for your last gold chart. Wondering what you and others think of Martin Armstrong's last blogs on gold; the second blog and the more long term 5th blog down at this ..... http://armstrongeconomics.com/armstrong_economics_blog/

oooops - I would/could never argue for or against - my knowledge ist too small, sorry I just keep buying coins and keep them under the mattress until the day comes, hope I'm on schedule then that's why I/we miss Hawk so much, he had an explanation with his charts so even an amateur could (almost) understand
I think he is very good:
Tuesday, February 26, 2013

Bernanke Attempts to Soothe Markets; Euro Fears Rise

......I am including a chart of the metal to show the dip in the ADX which indicates that the near term downtrend in the market has been broken. If gold can climb back above $1640, it will have pulled off quite a feat, especially seeing that Goldman Sachs just lowered their 2013 price estimate for the metal.

Quite frankly I do not like trading spike bottoms because the risk/reward on the trade can oftentimes be rather discomforting. I much prefer and will prefer in gold, were it to retest the $1600 level to at least see if it can hold that. Markets that show huge losses, followed by huge gains, can suddenly and abruptly turn right back around and show huge losses again. That is the nature of those beasts. More well behaved, or if you will, more orderly markets, are much more to my liking as a trader. My gunslinging days are over as the highs are too often followed by periods of excessive lows and depression. Give me a market that tips its hand a bit more clearly and allows one to at least leave the screen for a few minutes.

The HUI has managed to fill the first and lowest downside gap on its price chart. This index has dropped so sharply and is so oversold that it is well beyond due for a bounce. Let's see how high it can carry. Anything that stops short of 390 is going to be a disappointment. If it is going to give us any protracted strenght, that is the least it will need to clear. Posted by Trader Dan at 10:19 AM

this star to Hawkeye

but hey - there are other good chartist here - where are you

[lunar]

Thursday, February 28, 2013

Monthly HUI and Gold Analysis

Here we are at the end of yet another month during which the mining shares have lost ground. This makes five months in a row of lower prices.....

Posted by Trader Dan at 5:19 PM

but hey - there are other good chartist here - where are you

[lunar]

---

Gold Daily and Silver Weekly Charts - God's Mills Grind Slowly

Gold and silver would not be denied, despite some fairly determined efforts.

Silver did the heavy lifting. The intra-day charts are included below.

"Gottes Mühlen mahlen langsam, mahlen aber trefflich klein,
Ob auß Langmuth er sich seumet, bringt mit Schärff er alles ein."

Friedrich von Logau, Göttliche Rache

Have a pleasant weekend. See you Sunday evening.

Jesse's CHARTS

Posted by Jesse at 4:31 PM

but hey - there are other good chartist here - where are you

[Goldhedge]

Conservatively speaking, once these two break through the RTL and test the RTL (new STL) it would be a good time to buy...

2yr charts

[bemac]

I'm bumping one of Hawkeye's charts from late last year, because this chart very simply shows us the problem. It seems to me the market did a poor job of timing in predicting higher inflation, lots of speculation pushed gold up to ~1920. Since then, gold has had three chances to get back up to that number, and we see strike 1, strike 2, and as we now know, gold struck out. IMHO, we're going to need to see a significant change of perspective in the market for gold to become bullish again. And even then, it not only has to climb back toward 1920, it also needs to pass it. At 1580 right now, we've got a ways to go. It could take some time to get there, but I think when it does, we'll see a very quick and high upward correction. But will it be high inflation or high deflation which sparks that movement? Will be very interesting to see how this plays out, but it's not going to be exciting any time soon, I think.

[Uglytruth]

Interested in anyone's thoughts on buying BRIC (Brazil, Russa, India, China) currency? Seems the dollar is doomed so why not diversify out of US fiat and into something after loading up the boat with PM's? My reasoning is the East & West are at war & I have more faith in them winning than the US. Any ideas how to do it?

[Eat Beef]

All fiat sucks.

[lunar]

Friday, March 8, 2013

Gold in some Foreign Currency Terms


By request... (may be also interesting for Uglytruth)

The spike lower in EuroGold below 1200 seems to have been a relatively short-lived phenomenon, for now. You will note that in terms of the Euro, gold has been in a steady downtrend since October of last year with the trend more defined since November.

This is a possibility that it has broken this downtrend but one day does not a new trend make. We need to see CONFIRMATION. For a bare minimum, I would need to see Eurogold trade through the 1240 level and maintain its footing ABOVE that level. I would feel extremely confident that a near term bottom is in if price could climb past 1250.

Sterling gold is displaying a wedging pattern and has not performed as poorly as EuroGold of late.......
.....Lastly, Yen Gold - what more need be said - it is on a strong tear higher as the Yen has been the whipping boy of the crosses.......
Posted by Trader Dan at 7:46 PM

[Goldhedge]

Getting close to buy time...




A little way to go for price support

[lunar]

Tuesday, March 12, 2013

Gold Clears Initial Hurdle


Gold put in some strong gains in today's session clearing its first overhead level of resistance in the process. Since the beginning of the month of March, it has not been able to clear $1585 - $1587 as it attracted selling on approaches to this region. Buying in today's session was strong enough to absorb the offers that emerged in a rather easy fashion which is a bit surprising to me considering the duration of this resistance zone. I would have expected shorts to put up a bit more of a fight up here. That they did not has to be rather disconcerting if you are a bear as it illustrates that they are wavering in their conviction of lower prices ahead.

I mentioned last week when I first put this chart up that the bears were being frustrated in their efforts to break the metal down below this strong buying zone noted. We are now seeing the signs of that frustration as the newcomers are starting to cover.....
....and more

Posted by Trader Dan at 5:46 PM

[Goldhedge]

I just happened to check stocks last night. (was sick for the weekend) and lo and behold!


It seems a bottom is finally in. Now to test it a few times before actual liftoff...

TRX, RGLD, HL, SSRI, GDXJ, KGC, to name a few...

[Goldhedge]

I decided to follow just RGLD as a sector indicator.

With the recent 'correction' in metals prices it looks as if we have potentially a new bottom to consider?

Note: I don't have 3 points here, but I could raise the line to touch the bottoms (and consider that 'blip' as an anomaly) and it would raise the price a tad to $45.