Anyone Buying Gold Here

[MrJohnRoss]

Re: Market Outlook

In answer to the question of the thread: Not yet. Take a look at a 5 year chart of gold on a weekly basis. It had an amazing run from $681 to $1923, until the peak in Aug of 2011. Since then, it's fallen almost exactly to the 61.8% fibonacci line this June. After a brief run-up, (coincidentally, right up to the 38% line), gold has reversed direction. I would not be surprised to see a re-test of the 1155 - 1179 area. You may want to wait for a better entry point at that juncture, and look for an upturn in the Stochastics for confirmation of an uptrend.

 

[tsptalk]

Gold is down $31 on Fed minutes over taper talk, but the chart has been pointing down for some time. Currently ~ 1243, I can see 1075 as a eventual downside target if it's current H&S breaks down, which intraday, it has.

 

[alevin]

I'm watching, not buying-yet. don't own any whatsoever-yet. diversification-still working that part out, may move an ancient small ira into a pm ira at some point this next year.

 

[Birchtree]

Inflation will return at some point so buying gold when it's no longer liked will eventually be very profitable once again. I nibble on GDXJ and GFI.

 

[Birchtree]

"What is hard to find is the type of investor who has the guts to take advantage of these opportunities. You're either a contrarian or you're a victim."

The Greatest Opportunity in 30 Years | Jeff Clark | Safehaven.com

 

[rktect1]

Im waiting for under $900

 

[Birchtree]

I'm afraid Hell will burn out before you see $900 again - but you're welcomed to wait.

 

[tsptalk]

I don't know. There could be a emotional sell-off once they start tapering QE, but it will be a good buying opp. in my opinion. As I said in a previous post, 1075 looks like the initial H&S target and if the fear kicks in $900 is not out of the question, but I don't know if I'd wait that long.

 

[tsptalk]

From the folks who gave us that 1928-1929 / 2013-2014 market chart comparison, they are doing something similar with gold and the 2006-2009 market chart.

Gold is Following in Stock Market's 2009 Footsteps - Free Weekly Technical Analysis Chart - McClellan Financial

Just reporting. Don't shoot the messenger.

 

[MrJohnRoss]

From the folks who gave us that 1928-1929 / 2013-2014 market chart comparison, they are doing something similar with gold and the 2006-2009 market chart.

Gold is Following in Stock Market's 2009 Footsteps - Free Weekly Technical Analysis Chart - McClellan Financial

Just reporting. Don't shoot the messenger.

Where's my gun? :nuts:

All joking aside, that is a purdy steep cliff that gold's been going down. If nothing else, we're seeing a dead cat bounce. My gut instinct is that we're at or near the lows for a while. Good time to take a speculative position, IMHO.

 

[Birchtree]

I'm looking to add to my gold positions next week when I earn more margin. The question at hand is do we think there will ever be any inflation again - well certainly. The Fed is counting on it. I've got plenty of time to wait.

 

[tsptalk]

A nice little breakout in gold and gold miners this morning. Looks good, but those gaps will probably want to get filled before too much more upside.

 

[tsptalk]

Gold and the dollar are both filling gaps today. The combo looks bullish for gold. I'm adding today. (JNUG - Be careful... it's a wild one).

 

[tsptalk]

After getting lucky and selling some JNUG above 41 a couple of days ago in one of my accounts (unfortunately holding onto a lot too in another account) I added a little yesterday and today am back to a full position.

The bottom of that gap is my last straw for support (27.5) and a good risk / reward play if I am able to get out near 27. Sometimes the gap opens are so large on gold and gold related ETFs, that you don't always get out where you wanted.

I like the look of the pullback in gold and it "should" hold here. Should the 200-day EMA fail for more than a day, I will have to get out of all gold related long positions.

 

[WhoDey]

Thinking about it ... using same argument as what you posted. I'm nervous, however, in how price will react later this afternoon.

 

[tsptalk]

Ouch! Gold is now down 22 in front of the Fed decision. Someone is trying to scare investors / traders out and it seems to be working, although the GLD is still above the 200-day EMA.

 

[WhoDey]

Fasten your seat belt.

 

[tsptalk]

The dollar spikes on Fed decision, initially pushing stocks, bonds, and gold down.

 

[tsptalk]

Shhh! Don't tell anyone. It's a secret...

Gold is flashing a secret buy indicator | Watch the video - Yahoo Finance

 

[tsptalk]

Looks like a long-term pivot point for gold.