Bullion assets continue to plumb new depths each week, and Silver futures in particular appear to have dropped off the edge this morning. For a clear, precise and very timely technical picture of what may lie ahead, as well as some stock picks that you may find interesting, check out this recording. It runs just under an hour and is of an ‘impromptu’ technical analysis session held Friday morning, September 19.
In the interest of rescuing my sanity, I invested some time investigating with meticulous technical scrutiny the ‘threatening” break in the Log chart uptrend line. As you’ll note with careful study, the beginning points of the bottom uptrend line are crucial for it’s paralleling two other channel lines.
Given the gold miners All-in cost averaging $1200, the GS scumbag sentiment that $1000 or lower is imminent, the gdx:gld positive divergence, and that corroborating arith.uptrend line, I’m guesstimating $1150 (+ or – a few) as a prudent and reasonable divergent bottom, as in the July 1999 pattern.
http://stockcharts.com/h-sc/ui?s=$GOLD&p=W&yr=20&mn=0&dy=0&id=p78324101869&a=368419738
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Sincerely,
Richard M.Dell’Orfano
RMDellorfano@gmail.com
760-752-3111
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Most interesting, Richard. I hope we see more of you in the forum. RA
Would you place an A-B-C-D pattern over this chart, and what would the outcome be?
http://quotes.ino.com/charting/index.html?s=NYMEX_GC.Z14_Z19.E&t=l&a=0&w=1&v=dmax
Enjoyed the video, thanks Rick.
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GP pattern analysis works no matter what you’re looking at, Fran — including options prices, volatility indexes and gypsum wallboard futures on the one-minute bar chart. However, your gold spread is one I have never tracked. RA