REVERSAL DAY IN GOLD?

Some would argue that technical analysis doesnt apply to the precious metals but we are witnessing a Key Reversal Day in Gold (defined by a new high and a close below the previous day's range). Silver has also dropped quite a bit (>$1/oz fr the high) but has not exceeded yesterday's day range. They are likely to close (elec) on their lows nonetheless so it is a bearish chart pattern,

You're looking for a buying opportunity aren't you.

You do seem very bearish on metals.

OK there might be a slight retraction / consolidation, but the overall fundamentals are still supporting a long term upward trend.

Try buying on the bottom bolingers if you are looking for a quick turn around!

PS I came out of retirement for this post!

reply to post by JakiusFogg

The Bollinger Bands have been working well (Daily chart)....Today was critical for the metals as the gold made a nominal new high but it didnt exceed the initial spike and then it and silver both rolled over (successful buy stop hunt). I am looking for a st shake out but long term I am very bullish....but my spidey sense says there should be one more shake out (along with most asset classes) before it goes truly ballistic.. One that makes people who have gotten on board gold above 1300 or silver over 29 to experience a "gut check" and likely make them want to get out with the idea of not letting it "go against them" and waiting to "buy it back lower" and then reverse quickly....most will sense that it is then probably turning but their human nature will make them hesitant to pay more than what they got when they exited so they will raise their sights to where they exited......but the market will leave them in the dust and hit $50 in a few weeks (from that low whenever it occurs).

reply to post by CosmicCitizen


You want to be quick

Gold Nosedived in the last few hours. Expecting a Fibonacci pretty soon with resistance at 1435

Cant see it getting as low as 1400 before Friday close. This is just profit taking as the main market, it getting used to bad news ad the employment figures are better than expected.

Will see what happens when the Fed is forced to release details on the bank loan bailouts!

If you get wind on that. BUY like there is no tomorrow.

But I am with you on a long term bull. Physical only!

reply to post by JakiusFogg

Didn't the Supreme Court rule that the Fed had to release those details on the bank bailout? I still cant believe that Congress just sat there in committee when Bernanke told them that he would not release those details on the grounds that they were an independent body. Why the charade of the annual tete de tetes on the Hill then? Someone (besides Ron Paul) should have said "Fess up, Chairman, or we will repeal the Federal Reserve Act of 1913!"

On the chart pattern tho....this could be more bearish than a day or two sell off. But if we take out the Key Reversal High then it is negated.

Yep they did and now they do. Am looking to see when it is going t happen.

On the chart. Hit an all time high above 1445. waited for London to close, which I suspect is where all the buying was going on.

Transfer of the contracts to office in NY to sell off on the Comex.

I see big moves like this and I know it's being manipulated. but they do keep pushing those highs!

At King World News, Turk and Embry prepare for metal's big move Submitted by cpowell on Wed, 2011-03-23 23:45. Section: Daily Dispatches 7:36p ET Wednesday, March 23, 2011 Dear Friend of GATA and Gold (and Silver): Eric King of King World News tonight cranks up the wattage for Radio Free Markets, interviewing GoldMoney founder James Turk and Sprott Asset Management's chief investment strategist, John Embry, about what may prove to be the big gold and silver breakouts.

GATA

Pressure is mounting, and James Turk knows it!!. If he knows it. it's good enough for me!!

I see no change from the current trajectory: The dollar should continue its downward trend, and gold should maintain its ascent. The Libya military actions look like they will drag on without quick resolution, and when Japan starts the difficult rebuilding process, it will add to worldwide inflationary pressure going forward.
Gold is Breaking Out! Hang On For the Ride

I see no change from the current trajectory: The dollar should continue its downward trend, and gold should maintain its ascent. The Libya military actions look like they will drag on without quick resolution, and when Japan starts the difficult rebuilding process, it will add to worldwide inflationary pressure going forward.
Gold is Breaking Out! Hang On For the Ride