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Charts from the Lunatic Fringe.

Zed

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Zed

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My ASX Goldies off about 0.8% so far today. A little soft all day despite POG +1400, we are waiting for US trade. We are beginning to discount a near term top IMO.
... ended up basically flat.
 

dpong

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Zed

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Strawboss

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I am mostly in cash in my trading account. I am expecting a correction. Now whether it will be a sharp correction...or a consolidation at a high level where we bleed off the excess exuberance - I guess we will find out over the next few weeks...

In the meantime - I intend to figure out the best miners to get into. I want to figure out the best plays where I can use LEAP options that are near the money (a little bit outside of the money)...
 
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just got back from a week vacation, well now we have breached that all too important 1375. I notice that oil and gold are going up together. I don't know what to make of that. I thought that they tend to have an inverse relationship. From here and out, the trend is your friend. gold = tier 1 asset; silver just follows it's big sister gold and struggles to advance. It seems that the dollar in gold terms is winning at the moment. I would like to see silver leads gold and when that happens, watch out!
 

dpong

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Goldhedge

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savvydon

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I don't know why fibo numbers seem to be valid for price projections, but they often seem to be about correct.
Fib ratios are seen all the time in constructs in nature.They also underpin EW theory which is based on human psychology. Carl Jung talked about archetypical symbols in human consciousness and unconsciousness. These things are all tied together. Market behavior mirrors human behavior which mirrors universal behavior.

You know, what do I know?
 

Strawboss

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Fib ratios are seen all the time in constructs in nature.They also underpin EW theory which is based on human psychology. Carl Jung talked about archetypical symbols in human consciousness and unconsciousness. These things are all tied together. Market behavior mirrors human behavior which mirrors universal behavior.

You know, what do I know?
Sometimes I think certain things work (like Fibs and trendlines) because enough people agree that they work and everyone does the same thing (buy/sell) based on prices interaction with these levels. If enough people think a trendline that has held for 10 years will be support - they will buy as price approaches it.

These are all constructs that only have relevancy because we collectively give them relevancy...
 

Zed

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Zed

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Sometimes I think certain things work (like Fibs and trendlines) because enough people agree that they work and everyone does the same thing (buy/sell) based on prices interaction with these levels. If enough people think a trendline that has held for 10 years will be support - they will buy as price approaches it.

These are all constructs that only have relevancy because we collectively give them relevancy...
That certainly works when the market is more professionally traded. Amateurs are like herding cats, they will tramp all over T/A norms especially when they are cash drunk.
 

Zed

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Gold Daily. IMO we have a high probability top in this region. SHOULD we break up over this resistance then we are looking toward 1479. I really don't want to see that here, too hot, too fast. We need to test the market and see where support has moved up to. Ideally we get a high level consolidation BUT a 1350 test would be completely normal. If you want to build a tall building solid foundations are required, backing and filling builds that support.

Take a breath gents and recuperate, it is a long hike. Lets not exhaust ourselves on the first leg.

AU-D-20190625-1.png
 

jelly

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Not sure where this rally will stop, but the mining shares look like they have a little more upside left in them, though $26 in GDX is normally resistance.
Regardless, I closed my GDX calls out today before the close thinking 150% was good enough. If I would have waited 4 more minutes for the pre-close bump, it would have been a 170% gain! o_O
 
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Zed

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Van Eck (ETF managers) are active reducing exposure across my gold portfolio. Looking like a top.
 

Zed

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Gold... going out on a limb here but I think that we are probably within $5 of the near term top now. This may well be it for summer. 2c FWIW. Note the divergence in momentum.

AU-4H-20190625-1.png
 
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I'm not sure if this is impulsive or a thrust. If a thrust, shorts are going to get really crushed, I really mean it this time. This is my favorite one of all time: https://seekingalpha.com/article/194587-golds-dramatic-rise-and-fall-in-1980s-why-its-important They are using 1980 Peak in 2009 Dollars, I don't know what that would be today, 10 years later. Then factor in far less new gold metal discoveries in the ground if technology can't keep up. We have a situation with China and a conflict with Iran.
 

Zed

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I'm not sure if this is impulsive or a thrust. If a thrust, shorts are going to get really crushed, I really mean it this time.
It is possible, not sure that I can see the trigger.... yet, it is possible.
 

jelly

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We've been so focused on the precious metals lately, the stock market has been forgotten about. It seems to be sputtering at the highs, and can't gain traction. I'm keeping an eye out for a break up or breakdown in the stock markets.
 

Goldhedge

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Couple of AG charts...

1 yr liftoff ... but there's a gap in the dilithium crystals captain!

Screen Shot 2019-06-24 at 8.42.18 PM.png


3 yr

Screen Shot 2019-06-24 at 8.41.59 PM.png
 

dpong

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AG is killing it at the moment. Best performer in my stable at this time.
 

savvydon

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Sometimes I think certain things work (like Fibs and trendlines) because enough people agree that they work and everyone does the same thing (buy/sell) based on prices interaction with these levels. If enough people think a trendline that has held for 10 years will be support - they will buy as price approaches it.

These are all constructs that only have relevancy because we collectively give them relevancy...
Fibs have relevance in nature as well, which is what makes them really interesting to me:

screenshot_101.png
 

Zed

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Zed

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IDK, the dang thing is running again, now. $1431 as I type...o_O
Yes... if we keep this up I may have to back up to that 1479 target!? :blond:
 

Zed

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My gold stocks are just not fully buying into this move today. We are green but cautious.
 

Goldhedge

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My gold stocks are just not fully buying into this move today. We are green but cautious.
Yeah, it's as if they're waiting for the other shoe to drop...
 

Zed

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Goldhedge

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Hey Goldhedge!

YUP! We got lift-off on the P & chart also. Ya know, I missed the AG boat back in 2016.
Not this time. FM had 4 mines then. They have 7 now...

View attachment 134513
Not too early to hop on board...?? I'm thinking it's going to retrace to that red line...

Whatcha think??
 

silverwood

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Anyone care to comment on tonights gold price movement, it seems to me that it going up a bit too fast to be sustainable, could it be bullion banks short covering?
 

savvydon

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Anyone care to comment on tonights gold price movement, it seems to me that it going up a bit too fast to be sustainable, could it be bullion banks short covering?
The place is flush with commentary... just look above you.

I certainly think short covering has to play into the kind of move we are seeing. It will be interesting to see where we go from here...
 
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Zed

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Commentary?!


 

Zed

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Zed

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Selling down to flat going into the final hour down here. Some red on the screen. These guys are calling a top.