I figured I would throw this work on here as well. Looking like a $100. up, down or not at all. This should be interesting.
We may have a bounce here...
Damned strange times my friend. Watching this, reading those who think they can decipherer the gold/silver chart has been exhausting. I quit reading. It's meaningless at this point. It is a crap shoot however as to which direction this will go. If gold/silver is going to crash let it be spectacular. At least we will have a springboard to operate from.
Quote from: ken on July 31, 2018, 04:19:27 PMDamned strange times my friend. Watching this, reading those who think they can decipherer the gold/silver chart has been exhausting. I quit reading. It's meaningless at this point. It is a crap shoot however as to which direction this will go. If gold/silver is going to crash let it be spectacular. At least we will have a springboard to operate from.There is no question PM market has been a crap shoot and the house has been winning as usual, but I think the odds for gold and PM's in general going up are in the investors favor. The link is to an article that points out major gold producers are making less margin on higher priced gold. That is not sustainable and soon either gold price goes up or mines are put on care and maintenance suppressing supply and gold price goes up, just takes longer.https://srsroccoreport.com/top-gold-miners-production-declined-15-while-costs-escalate/At 321Gold there is an article by Stewart Thompson addressing Chindia demand and a host of charts that are PM positive plus more stock market information. It is worth the time to breeze through it.http://www.321gold.com/editorials/thomson_s/thomson_s_073118.htmlLike I said earlier, I am getting a few more PM positive vibes.
It looks like all the chit chat about imposing tariffs is taking its toll on everything but the dollar and bonds. So how much gold damage can we expect? If things do not turn at this level, quite a bit. Notice a death cross will occur this week as there is enough momentum in the charts to assure that event and price has penetrated the up trending support line. Horizontal supports shown are at current levels, and two roughly $25 increments lower. RSI is nearing over sold.
Here is an interesting brief history and view on gold's changing role, or maybe more accurately how gold is viewed in current times:https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/gold-the-changing-fundamentals/
I see a bull running..................