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Golden Chart Porn
Courtesy of the StealthFlation Blog
Triple Bottom - Consecutive Higher Lows - Potential Reversal Pattern
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I favor gold's fundamentals, but from a charting pov, you've got to note the lower highs -- this is a Descending Triangle.
According to Bulkowski's exhaustive work, it resolves downward 64% of the time --
http://thepatternsite.com/dt.html
Humm P&F chart seems OK with current levels on SP, INDU. But this technique doesn't like the current levels for $RUT - low target is 910 - about 20% down from here.
http://bit.ly/1nJBCS5 (stockcharts)
This is brilliant, and the average guy on the street, being hammered all the time by their investment brokers, uninformed neighbors, etc. are being told to stay in the paper game, many with no choice due to their tax situation with IRA's and non-cashable 401Ks, because gold is "going down". Few, except the people running the scam and knowledgeable about finance will see it for what it is: a totally manipulated commodity that will be a major bargain for insiders, who will jump on it at the last buyable minute. Quickly the doors of access to gold and silver for the average guy on the street will slam shut when the dollar prices begin to skyrocket during the Weimar-style collapse of dollar paper, which is a certainty. And once again, the rich get richer.
Neat chart.
Here's the monthly version
http://bullandbearmash.com/chart/spot-gold-monthly-closes-channel-suppor...
Longer term target below 700.
TPTB moral, ethical and business corruption know no limits, and no shame....they now act publicly with immunity and care not who can see.
They know they have been exposed for all to see..... they also know there are none that can stop them since they are TPTB. The media are owned by their owners, judiciary, regulators....all the same TPTB.
If they want gold to go to $500 they could do it if they were that insane....but of course all the worlds gold would disappear in an instant if it were even available at that price....and all production cease.
Their manipulation has been so intense and regular that now days all physical gold is in Strong hands.... and anything that comes onto the market through production is snapped up by the East at bargain prices....
Just look at M2 and global money printing....the massive competitive dilution of currencies.....the thing to own are assets that feed you, protect/house you, and preserve wealth in various forms...
Unfortunately, the FED is still selling and thay have plenty of fiat. $100 bills are real cheap to print.
Thanks for the interesting chart Bruno! I appreciate it, gives me something to look forward to, maybe.
Solid technical analysis of gold price.
Gold is NOT "going higher" in terms of USD. It will keep being weak, meaning that the USD will be strong. The USD will continue to get stronger and stronger, right up until it collapses totally.
It will be worth some frustrating amount of USD, and then one day, poof, it will have NO RELATIONSHIP AT ALL to USD any more. You will trade real estate for Ounces, and no amount of USD will work.
Absolutely. I wouldn't say the dollar will be strong. Mostly it will appear strong only relative to gold. My advice to people who bought gold at $1,300 is to continue buying on the way down, just as you would to average your stock purchases. It may be quite some time, but I just don't see that you can lose with this, if you can afford to tie up the money. Any real, viable currency that will work will need something behind it, as you can see that the "full faith and credit of the government" leaves something to be desired. This just can't continue forever.
Correct.
They have quite a bit of power to manipulate the "value" of dollars (bonds) and the "price" of gold (in dollars). This will be done right up until they run out of force.
"Buying" gold is selling fiat. Or more appropriately, it is the act of trading debt for equity.
If they continue to give you the opportunity to trade debt for equity, you must take it!
Capital controls are nigh. Act while you can.
Sounds reasonable, unless, of course, China pulls the bid/plug tomorrow.........................
Let me say, whatever "gold" does, (high or low) I'll have some!
dollar seems to be on shaky ground...feel lucky to get @$1,200
Any other opinions or info on this secret European gold repatriation?
http://goldswitzerland.com/breaking-european-central-banks-repatriate-go...
Gold is headed downward, not up... at least until the 5th wave bottoms somewhere below 1000, perhaps in the 960 area.
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-october-...
THe chart that Bruno shows above (with all the higher lows BS) is a fourth wave triangle as shown in the linked chart. The fifth wave has been underway for sometime and prices have been marching steadily downward as the linked chart predicted.
And silver to 15 (maybe even 9 by bolder sorts than me). Then the end.
Is that a fact Jack?
Yes. It is.
Your supreme confidence has been duly noted................................time will tell.
<--- More verbal easing a la Bullard coming in the next weeks.
<--- Fed loses control
I am finding it a bit hard to get very excited over a +0.3% higher low.
Well, it just felt like we all needed and deserved a little something to smile about..........;-)
Bruno,it would be interesting to show and analyse the gold chart in other currencies.
It shows a more complete and different picture then the goldchart in dollars only.
Instead of finding support at 1300$ the euro chart is trying to break the 1000 euro
resistance.
True.
A nod from the Swiss may vote it right through the 1000 euro mark on November 30th;-)
Nice Bruno, thanks.
Now if we can just exterminate those paper gold markets...
Thanks eb, sure looks pretty, don't it.
As far as the paper hard asset markets go............Exterminate away................no argument from moi;-)
Exterminate paper markets "ebworthen"? Why?
China and Russia are taking care of that for you. They trade the real thing, not the paper one. When panic seizes the Western markets, a lot of people will wake up one day and discover their paper "Gold" is worth exactly ZERO (Insert Voltaire's quip about paper money here).
Oh, and Chinese and Russian domestic Gold production never, ever, will be seen on a western market. EVER.
This is a geopolitical tour-de-force right here. I do believe (and I have been saying so for many years) that the day the USA gets too aggressive, China and Russia will blow the US economy wide open, simply by selling all the US Bonds they have on the markets. And put together, these two have +/- 1.3 Trillions of bonds! (See: https://www.treasury.gov/ticdata/Publish/mfh.txt for detailed numbers).
China is simply applying Sun Tzu's principles here: All warfare is based on deception and hit your enemy where he is weakest. The US economy is the weakest point. China pretends to be happy trading with the US while building a Gold statsh to rival everyone else. They will hit the western markets when it suits them best, and are very very happy to accumulate Gold at ultra-cheap prices.
So, no, no need to "exterminate" any market: just grab some pop-corn, and watch the fireworks. This is going to be fun (provided you have a stash of Gold and Silver somewhere, of course).
Me thinks the shutting down of Harvey Organs blogspot, by court order, spoke loudly and clearly about the western gold paper market...
You men and your fake boating accidents have no idea of the danger you taunt. After the terror of the French revolution the loving townspeople dragged monsior out into the blvd for a right proper lynching for hoarding gold and silver and "causing inflation". Be wary my friends.
I don't think China will sell what they have all at once. That would be too inflationary for them. They will keep accumulating gold as their US paper matures. It's a gradual process that's been going on for years. It's their most logical behavior. It's slow buyout, like boiling the frog.
"This is a geopolitical tour-de-force right here. I do believe (and I have been saying so for many years)"
Yes. Same here. Waiting around for something 'domestically' to break may likely find one pushing stink weed long before. A foreign policy misstep, by way of a Fat, Arrogant Bully is Much more likely to present the 'catalyst' for a 9.0 quake in the FX markets, and by extension, the 'viability' of the $USD to dominate as it does now. In addition, that tectonic shift is not likely to play out like a 'slow-motion train wreck'.
Of course they are only selling paper gold in the Western markets, there is no physical gold backing the paper. So they think the insiders won't get burned. But of course the rest of the world is only buying physical. That must mean the Fed must think they can nationalise all the remaining physical within their sphere of influence (and ther eiwll be enough hanging around). What on earth makes them think they will get any of it?
Either they have more power than we think they have ....... or they don't.
I trade for a living. Charts used to express the ebb and flow of human fear and greed in one open market and gained considerable credibility over the years. There is no longer one open market and humans don't trade much anymore. The trading programs don't know much from fear and greed, they only know mo (price action). Mo can still be fairly reliably charted but only in the very short term.
"I trade for a living. Charts used to express the ebb and flow of human fear and greed in one open market and gained considerable credibility over the years. There is no longer one open market and humans don't trade much anymore. The trading programs don't know much from fear and greed, they only know mo (price action). Mo can still be fairly reliably charted but only in the very short term."
Charts still express the ebb and flow of fear and greed. One word from the FED and market participants rush in or run for the exit.
You say humans don't trade much any more and programs don't know much from fear or greed, yet a three peaks and a domed house topping pattern was completed recently. Nothing has really changed.
Don't fight the FED has been the mantra for a very long time. QE is an extention of interest rate manipulation at the FED level. Yet short and long term patterns still form and repeat.
The gold chart pattern in this story is valid, regardless that it is a longer term chart. No chart pattern is 100%. A head and shoulders topping pattern will break up or down, not only down. The author is expressing an opinion, based on his mentioned data points of 3 higher lows and there are two initial outcomes. He will be right or wrong. He also could be wrong initially, with a head fake drop below support, reversing then moving back above support and beginning a new long term up trend.
A manipulated market can be manipulated only so long, before it breaks. The FED cannot not run QE uninterupted, forever.
The breakdown below the DOW uptrend channel was an event that occured in short term, but the upward channel was built over a time frame of a year or more. Both the short term and the long term are patterns reliablly represented in the chart. The trend is still your friend.
http://vimeo.com/109378796
what a waste of ink. Triple Bottom Reversal Pattern? More like a BM. A descending triangle? Nah, symmetrical. I call BS.
If you are able to learn one thing it is that charts, technicals, K waves, fundamentals, PE ratios all meaningless in a manipulated market.
What is it that you don't understand about the word "Potential"?
Talk about BS;-)
Youngest son asks his father: "Daddy what is the difference between "potential" and "reality"?
Dad: I will show you, Dad turned to his wife and ask her: "Would you sleep with Tom Cruise for 1 Million Dollars? Wife answers: "Yes of Course! I would never waste such an opportunity to be a millionaire"
Then Dad asked his daughter if she would sleep with Will Smith for 2 million dollars? Daughter: "Wow! Yes Yes! I will, that's my fantasy"
So Dad turned to his elder son and asks him: Son, will you sleep with Denzel Washington for 1 Million dollars? Elder Son replied: " Yeah! Why not? Imagine what I could do with 1 Million dollars, I would never hesitate!"
So the Father turns to his younger son and said: " You see son, "POTENTIALLY" we are sitting on 4 Million dollars, But in "REALITY" we are living with two prostitutes and a gay guy!
Sorry BdL
That's cute;-)
Now here's Webster's take on the word "Potential"
your article and extremely helpful definition remind me of the two handed economist
prefer the sound of one hand clapping
all fine. what else to do Sun eve w/ a nice '09 Pom i guess
im hitting lower lows so maybe your piece hit a nerve
ciao
What article? It's nothing but base chart porn...............enjoy it brother;-)
So true.
These arguments are pointless. No one's gonna buy it for you. 2000 or 500. Who knows. I remember sitting with a friend in 2008 when gold hovered at 850 after briefly flashing to 750. He thought the 850 was a head fake. Famous last words? "I'll buy when it gets below 750." He's still waiting. Wonder what he was thinking watching that spike to 1900. 2 years later... here we are again.
Buy a little gold every month. Keep accumulating. Do this until it becomes unaffordable. Sell when the Dow-gold value hits a parity around 1:1.
That was the best point on this thread yet.
ZHers generally believe in the same 'ultimate outcome' of our fiscal & monetary policies.
With winter coming on, go get Rothbard's 'History of economic thought from the Austrian Perspective' and you'll cover a couple 1000 years of history to confirm the inevitability of these outsomes.
Our elites, the folks who 'run the show' are in one of two camps:
1) They are convinced that they are to smart, too sophisticated and too well intentioned to not have this right.
2) They know better. They know they are exaserbating our problems, but that the plebes will riot if markets are allowed to clear, and that they are the 'minority' if that happens, so why not keep the music going as long as you can and make a killing in the mean time.
Either way, for you and me, all we can do is continue to accumulate 'insurance' monthly as able. Don't get too caught up in the short term price action. Just keep buying the insurance as an appropriate portion of your resources.....
.....and continue with living the most rewarding/productive/enjoyable life to you can in the meantime.....
Exactly! That was a well-reasoned post right there.
What arguments?
A potential chart pattern has been observed and displayed to you. Nothing less, and nothing more.......................
Good Chart.
Good observation.
It seems some want you to read a crystal ball for them.
We all have to read it for ourselves.
There is no other way.
Thanks for the chart.
This is ZH, we all believe it's going higher. The only question is if it visits $900 before it hit $2000.
And the answer to that question is... So what?
If it goes to US$900 on its way to US$2000 I will simply accumulate more!
I bought most of my stash when it was US$800 an ounce, so I am still ahead.