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"Buy The Dip" In Gold; BofAML Says EURUSD Bounces Should Be Sold
"Gold is consolidating before its larger bull trend resumes," notes BofAML's MacNeil Curry looking for a move to $1345 and beyond. But it is today's modest bounce in EURUSD that they believe should be sold, and "seen as temporary and corrective of the larger bear trend."
Via BofAML,
€/$ is correcting. Bounces should be sold.
€/$ is correcting higher.
However, this bounce should be seen as temporary and corrective of the larger bear trend. Look for topping into the 1.1325/1.1559 zone (old channel support, now resistance) before the larger downtrend resumes.
The initial target is 1.1000, ahead of the Sep'03 low at 1.0765. Our long-term targets are 1.0588/1.0283 (secular channel support and Elliott Wave swing target). We look for greater signs of a base into here, not before. Bulls need a break of 1.1876 (old Jun'10 low) to indicate medium-term basing, while a break off 1.2235 (200m MA) is needed to confirm a turn in the medium- and long-term bull trends, neither of which is expected.
* * *
Gold consolidates before higher
Gold has been caught in a 4-day consolidation. While there is risk of a deeper pullback, weakness should be limited to the 1267/1253 area (old channel resistance, the Oct-21 high and 200d avg.). Into here, we look for a resumption of the larger bull trend toward the 1345 Jul'14 high and potentially beyond.
Buy dips.
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Dip, Schmip... You should always be buying, and holding. ;-)
What???!!!!
Wait!!!
Goldman says sell Gold (so I should be buying), but,
BoA says buy Gold (so I should be selling).
Now, WTF do I do???!!!!!
Simple.
Since I don't own any gold, I will follow their advice and Buy some so I can get in while the market is hot and Sell it tomorrow and profit.
Sure, buy some 100 to 1 leveraged GLD paper crap. If you get out in tme, you can make some more USDs.
One old Rothshild maxim is to get out after capturing 90% of a boom, and let the gamblers squable over the last 10%. You are squabling over that last 1%, in my opinion.
Maybe you should consider buying real assets and physical, and sit on the side with us smart folks, and just watch the coming trainwreck, while consuming moar popcorn?
BofAML preparing the muppets for slaughter.
When they scream sell, I keep calm and stack.
I start to worry when "people" like this say buy...
Holy crap!!!...The ruble is down over 7.5% today. Something going to break.
Gold and silver are down +1% &+2% today and the miners are up. TPTB are
treating world markets like they are playing a game of Monopoly. How arrogant.
Their advice is aimed at FX/options/futures gamblers. It sounds more like a defense for the casino they run. Virtual dollars and virtual gold.
It's not gambling if you understand the game and use it to buy more phyz. Gold out of thin air , big boyz style.
Been doing it since '04 , 10oz of pure joy every quarters.
They want you to buy imaginary GLD paper gold. Buy real gold instead.
Is that you Mr. Warren "Barbaric-Relic" Buffet?
BofA says go short..... so that means go long right?
https://www.youtube.com/watch?v=yloaBw80fV4
Cash out all your investments now, sell anything you have of value and are not presently using,
and buy silver with both hands and your feet if possible. Silver will at least triple in the next 2 years.
Buy a gun and some canned food too.
SO paper gold charts of a free market ...eh?
Ill stick with the heavy stuff. Does anyone disagree that the markets are not a true reflection of supply and demand? If so please provide the source of 2 billion ounces of silver that were sold to get price below 15$.
RIPS
Thank god there's no manipulation or anything........
merrill lynch and BOA are a bunch of idiots, do the opposite to make big bucks
And dont forget!
Currency trading is fun for the whole family!
I mean seriously...."buy gold!"? Gee, thanks BofA. Where were you in 2008?
Still...you did make a good purchase in Merrill. Spinning that thing off might net 100 billion.
I'm sure I'll get downvoted for this as reality is always a bummer. See those charts? Until gold breaks above the key resistance levels of 1345 and 1433, it's still in a bear trend. Lower highs and lower lows = BEAR. Whether it should be higher is immaterial until it breaks that resistance. So what does that mean? Keep stacking.
No down vote on that, I do think that resistance levels are highly over-rated......
Ed Steer had this to say on Saturday " JPMorgan's short position in silver is around 18,000 contracts, or 90 million ounces. That's from a low of about 7,000 contracts a few weeks ago. One can only imagine what the silver price would be today if they hadn't shorted this rally all the way up.
It was even worse in gold. The Commercial net short position exploded by 40,134 contracts, or 4.01 million ounces. The Commercial net short position has skyrocketed up to 17.78 million troy ounces. Gold is some distance above its 200-day moving average---and the RSI trace is well into overbought territory. Silver has now kissed its 200-day moving average---and it's moved into overbought territory as well.
With the ugliest Commitment of Traders Report in years, all the warning flags are snapping in gale-force winds---and using the past as prologue, it isn't looking good."
Only gold is money.
However, there is the risk that American citizens may have it confiscated again. http://en.m.wikipedia.org/wiki/Executive_Order_6102
Anything with a definable trade value can be money but the "full faith and credit of the United States" is neither definable or a value.
Silver, platinum, palladium and rhodium weren't confiscated (turned in voluntarily) so buy them instead.
AKA we need you to short euro because we are going to do the opposite. Look at the 1 yr chart in Euro USD it's a negative parabola (a negative bubble). Unless Euro completely collapses it's going to go higher.
You win, sir! The FX $ strength is bubblicious!
Alternative elliott wave count in gold:
http://bullandbearmash.com/time-running-find-gold-ready-collapse-600-oun...Need to close above 1350, ideally 1400 for this scenario to cancel.
Oh gosh !! ZH telling you to sell strength on EUR/USD. The pair should be at the bottom : ) )
Agree. muppets are short, big rally coming
Meh $1281 isn't much of a dip.
I'll rather wait and see if it breaks back down to the $1200 handle.
Bankruptcy of America and Muppet Looting, enough said.
Anyone who believes any of the technical analysis bullshit displayed above - including the fancy colored "trendlines" and "channels"- deserves everything they get.
I would like to see NOW a detailed extrapolation of the next 3 months of the charts based on the TA, and in May 2015 a comparison of the prediction and actual chart data.
gold to trade 1520 by july 2015
X X X X X X X X -These represent all my fingers & toes crossed.
because nothing is more rare than a paper promise to deliver physical gold at some point in the distant future....
So what should I do ? Buy more now or wait for better prices? Listen to BoA or Goldman ?
annnnnd gold tanks today
there it goes, right on cue...
I'm starting to understand why so many call it "chart porn".
Anyone got a sock I can borrow?
jpm, and others have found their footing in Singapore, now we can be manipulated in all time-zones now.