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BofA: "Change Your Thinking On Gold" Friday Marked The End Of A 4 Year Decline
For the week ahead, BofAML's MacNeil Curry is focused on the plight of the USDollar, US Treasuries, and commodities; especially gold and oil. All of these markets, he warns, are showing signs of changes in trend. Most notably, Curry explains, we are switching gears on gold from bearish to bullish, "Friday's gains are just the beginning."
Via BofAML's MacNeil Curry,
Gold: Friday's gains are just the beginning
Change your thinking on Gold.
Friday's Bullish Reversal / Bullish Engulfing Candle marks the end of a 4yr decline and the beginning of a medium term bull trend.
Initial targets are seen to 1241/55 ahead of 1345 and potentially as far as 1433.
Buy dips.
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And positioning has shifted to a notable bearish position...
* * *
So far no good as gold and silver are giving back Friday's gains...
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Monday afternoon edit: "Starting... now!"
It's confirmed then. More downside to come.
Yup, down $27.60 right now.
Ya, as if this article isn't enough to scare you out of your position.
P.S. Whats does it mean when a huge red candle follows a huge gren candle????
Think muppet fleecing.
Gold will not do a rocket launch until the Banksters and other Central Banks get their vaults filled. Then look out. In the meantime they will do everything, legally and illegally, to manipulate the price sideways or lower.
BULLISH ENGULFING CANDLE REVERSAL, FTMFW! Wtf is this, Pokeman?!!?
NOOOOOO! I'm not done buying yet!
Sorry we're about to engulf Friday's engulfing candle all over again, back in the prevailing direction: down.
Machines just took an early weekend on Friday, back to regularly scheduled programming. As long as the world still accepts the dollar in return for their scarce resources and hard labour, said dollar will be used to tighten the screws on anyone who dares not believe. And the worst of the unbelievers are the gold bugs.
It was nice while it lasted - barely 24 hours market time, but at least they had the mercy to let us enjoy a weekend believing the beatings were over.
Think you're right. Disclaimer tho: not a chartist, technical analyst, etc, etc, and I have no basis to make a prediction one way or another on anything regarding the price of gold. Disclaimer #2: I'm appearing on CNBC tomorrow as a self researched "expert" on the gold market predicting "it could go up or down from here".
Full disclosure: I am hedged on all my physical gold at around 1230 an ounce, but the miners in my portfolio are getting killed. Fortunately, or unfortunately, they are down so far now that the big daily % losses are small in $$. Almost nothing left.
"Bullish engulfing candle reversal."
Do technicals really matter for Au?
1st nun, in the dormitory: "Where's the candle?"
2nd nun: "Yes, it does rather, now you mention it"
Do technicals really matter for anything anymore?
No. Nor fundamentals. Everything is manipulated.
Ding ding ding. Kills me how everyone throws up a chart now like its supposed to mean something...THE DATA IS ALL CONTRIVED.
pffft paper buying of gold is done for now, tomorrow it'll be back +10.
edit I meant -10
Ahhh, "paper" or "physical" same price.
I can buy all the physical I want... any day of the week... at the same price as "paper" less a nominal spread.
Will you spout this same nonsense all the way down to $500 an ounce? Believing that magically there is a price difference between "paper" and "physical"?
Where can I buy some of this mythical "paper" gold that has no bearing on this mythical "physical" gold?
gotta love how they try to spin shit negatively for the only 2 forms of real money....
(Reuters) - Russia's central bank has been forced to step up its gold buying this year to absorb domestic production that Western sanctions are making it hard for miners to sell abroad, and to boost liquidity in its foreign reserves, sources said.
Most Russian gold mine production is sold to domestic commercial banks, such as Sberbank or VTB, which can then sell the metal on to either the central bank or to foreign banks. This year, sources say, foreign banks are holding off buying Russian gold after Western powers implemented sanctions against the country over the Ukraine crisis.
The central bank has therefore had no choice but take domestic mine production that cannot be sold to foreign banks, two sources said, and has bought most of the metal that commercial banks had available.
"This is one measure that the central bank has taken to go through this difficult period for commercial banks and most importantly to boost liquidity," a source close to the situation said on the sidelines of the London Bullion Market Association annual conference in Peru.
While the sanctions do not expressly prohibit them from buying gold, Western banks are cautious over any business done with their Russian counterparts, sources said. "So, it is likely that we could see a period of stabilization, when the question around sanctions is resolved, as the central bank will stop adding more gold to its reserves," a second source added.
Russia has stepped up its gold buying significantly this year, data from the World Gold Council showed, adding nearly 115 tonnes of gold to its reserves in the year to date, against 77.5 tonnes in the whole of 2013 and 75 tonnes in 2012.
http://www.reuters.com/article/2014/11/10/us-russia-gold-cenbank-exclusi...
Finally BofA got a call right... but the gains will be temporary. The longer-term picture for gold is still down, unfortunately...
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-october-...
Unfortunately gains in Gold will not be "temporary" as the currency collapse train has already left the station, just ask that old douche bag greenspan, or is that "irrational exuberance"?
Dumbass banksters think technicals matter in the most manipulated market in history
LOL, all of a sudden the banks are scared to take price lower. Thats funny analysis! I didn't think technicals or fundamentals mattered anymore.... breaking news, they dont.
But if the price goes up, it will be more expensive for Santa! Can it eait until mid-January to start climbing? 'How much' the price of gold is today will be less important than 'how high' your stack of gold and silver are - when you 'need' it!
Was that before or after 100% retracement.
Uhhh...don't look now...but Gold is DOWN $28 so far today. Is down the new bullish? My miners are down below the opening low. Whatever happened to all those guys saying Gold is going to $2400...or was it $24,000....or was it...$700. Quick! Wheres my Ouija board.
He must be taking off from where Bo Baloney left off with his countless THIS IS THE BOTTOM calls at 1240 1220 1180...... not heard much from him recently funnyily enough
Him, sprott, and max keiser are on a beach somewhere counting all the money they made off the idiot gold & silver suckers.
#gold10,000
#buysilvercrashjpmorgan
LOL
Good to see you back again. Spaulding and bigusdickus are back posting too.
All we need is Math Man now...
And right on cue... there's the monkey hammer.
Bo Baloney is really Alan Greenspan....
Until today. I believe the eminent asshats at BofA have just called for an imminent lower 4 year low.
He should wait longer for a weekly "outside close" or engulfing candle. You can't make a call like that based on one day.
it is BofA's mcneil curry after all...batting avg of zero
i was happy when i saw he was bearish treasuries. if i were a gold bug i'd be scared sh*tless this loser is on board.
They say buy. That means sell sell sell as fast as you can!
I'm not going to sell. I'm not going to buy either. I'll wait to see what happens.
They need more bids to short.
They know whatsa coming.....setting up for another papersmash....but maybe itsa different this time....maybe paper bullion splits from physical soon....
Well we had a breakdown through the 1180 triple bottom, followed by a sharp overnight move through the downside target of 1150, followed by a backtest of the 1180 resistance (formerly support) in a bullish engulfing candle, followed by a retest of support at 1150 in a bearish engulfing candle and blah blah blah fucking blah.
Does the BIS still have infinite electronic money and very little real gold? Do the Swiss need to understand why they shouldn't vote to get their gold back end November? Are there still 727 tons to pillage in GLD? Do fiat currencies still require life support? Carry on...
Gold would have to blast up past $1200 and keep on going before I started considering that the bottom might be in.
The trend is your friend (until it's not) and the trend has been pretty much down since October.
@ $1149 as I type this.
only paper gold buying can blast it to 1200, but most here don't want that - so off to 900 it'll go.
I hope you are correct.
That fits right in with my plan to accumulate at the lowest possible price.
More than happy to sit in cash and follow it down until there is some sign of a reversal.
Yet you are sitting on a time bomb that is set at an unknown time and may not give any signs.
unknown? the fact that the matter is - it's not going to happen tomorrow, or the next day, week or month. friday everyone here was celebrating the fact that gold was up +37 (on paper gold buying, don't ignore that) now everyone here is sour that it gave it all back - head fake and as always everyone here fell for it.
A calculated risk, but you cannot buy the dips if you don't have the cash on hand to do so.
The long term strategy is pretty simple really... keep stacking and holding, don't over extend, and just keep adding to the position if and when the opportunity presents it's self.
If history is anything to go by, the passage of time should do the rest.
Hopefully by the time I reach retirement many years from now me and my family will be financially secure.
I'd rather buy it at 900 than 1100, most here would like to buy it at 1200 and up - as they say btfd so my dip is 900.
Stocks levitate higher and gold gets bitch-slapped on no news. Yep, it's a day that ends in 'y'.
When gold and silver get to zero, the economy will be fixed.
>>When gold and silver get to zero, the economy will be fixed<<
No, when it goes negative the economy will be fixed. That's when the bast-rds start returning some of what they've stolen from us.
Run it down to 400 then buy all the physical back from China...
China can set any price it wants.At the moment its leverage, like their UST's to reform the
IMF.Its that, or WWIII.
If the G20 meet next month blows up like the finance minister meet,last weekend. we will
know which its going to be.
Blessed are the peacemakers.
Bit of a bummer if they didn't want to sell it....
Whàt makes you think China is in the market to sell?
I dunno about AU but China won't turn loose of their AG. They will need all they can lay hands on for the 100k's of knockoff cruise missliles they will need when they want to lay claim to California.
I started stacking both about 2 yrs back and if I lose my ass I will sue ZH. j/k I'll rewire my shop with silver bus bars. This PM thing is like a religion. A lot of faith and patience is required. Can't prove a thing til after the fact. Still stacking as fast as the onhand fiat allows.
RSI for gold on the FX has a little ways to go yet for the 1D, 1W, 1M charts before it bottoms out. I'm thinking gold is going down a bit more?
Never heard that one before!
Technical analysis on perhaps the most manipulated market in recent times...?
A mega-bank says gold is headed higher. SELL!!! SELL!!! SELL!!!
yup, do the opposite of what they say. yet people here are likely buying it up here - thinking of a rally tomorrow - another head fake.
Fuck BoA.
Bullish harami today. He could be right....
All I can see in that chart is the precipice of another steep stair-step down.
Not enough blood yet for a bottom
Has there been any major foreign policy threats against Russia or China lately? If not, then just relax as nothing is going to happen until China decides it has had its fill.
"Friday's gains are just the beginning"
Gold -$28.70 on Monday.
Anything is possible but I pegged 1150ish and 15ish several months ago as some of you may know and I realize my stance on the metals from a TA standpoint and identifying a proper entry point is not popular here. On FA I'm right there with you guys and YES I do believe TA still works as long as you take into account the manipulation and adjust accordingly.
Actually right now I think a sharp rally is quite possible perhaps to 1270ish. But I don't think the most likely outcome is that being the start of THE reversal everyone long phyzz wants. After that I feel THE bottom is frankly anywhere between 950ish and 1150ish but problaly between 950-1050. I've adjusted this recently. My 1150ish was hit but I'm leaning to one more leg lower.
Intervention changes this. If they announce the inevitable reset of the entire system I can't account for that and my charts go out the window temporarily. I do expect a reset to the system where gold/silver are used prominently though I still feel that Bitcoin eventually grinds its way forward into an extremely prominent role in our financial system though not at the expense of gold/silver. Timing . . . . . . meh who the fuck knows but the action in USD and oil tell me something is brewing.
Ghost - Are you OK? Sounds like you have swallowed all the Gold/Silver BS that the metal hucksters have been flinging for years. Nobody knows what the prices will be - Nobody - The damn stuff is all smoke and manipulation. Get out of metal if the price ever gets to where you are only losing 50%.
Meterman -- Oh so you know something noone else knows right? I say BS!
If you own Gold with NO borrowing - Hold
If you don't own Gold - - Wait
"Charts are marvelous tools for predicting the past." --Eliot Janeway