LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Market Update - Precious Metals sector investors feeling despondent
By: Clive Maund

GoldSeek Radio Nugget: Gerald Celente & Louis Navellier
By: Chris Waltzek, GoldSeek Radio

Not Just a Trade War, But a Shooting War With China
By: Doug Casey

Precious Metals Update Video: Gold needs to hold $1,266 area (monthly chart trend)
By: Ira Epstein

Are You Being Tossed Around By The China News?
By: Avi Gilburt

Far Bigger Concerns Than Game of Thrones
By: Rick Ackerman, Rick's Picks

COT Gold, Silver and US Dollar Index Report - May 17, 2019
By: GoldSeek.com

Gold Miners’ Q1’19 Fundamentals
By: Adam Hamilton, CPA, Zeal Research

Three safe-haven reasons to own gold
By: Richard (Rick) Mills, Ahead of the herd

Trump’s China Blunder
By: Peter Schiff, President and CEO Euro Pacific Capital

 
Search

GoldSeek Web

 
Gold: Brief Pause, or Final Bottom?



-- Posted Tuesday, 26 November 2013 | | Disqus

By Toby Connor, GoldScents

Something may have changed yesterday in the gold market. For one I think gold probably formed a minor daily cycle bottom. But what I'm really talking about is the complete recovery from another middle of the night attack. For most of the last year these late night attacks have worked wonders for sending gold crashing through technical levels and triggering stops. Yesterday however it simply didn't work for the first time.

It's been my opinion for months now that the forces behind these take downs were trying to push gold back down to the 2008 C-wave top at $1030. At which point I expected they would flip sides and go long for the bubble phase of the bull market. After watching gold fight off the manipulation yesterday I'm starting to wonder if gold has been pushed as far as it's going to go.

At some point all artificial markets finally say "enough is enough" and the fundamentals regain control and take the market back in the direction it was meant to go. Usually these corrective events occur more aggressively than would have happened naturally. We saw this in spades in 2008/09 as the following chart of the S&P 500 illustrates.

If gold is finally ready to break free of the year-long manipulation then we may have printed a final bottom yesterday. The next couple of days should tell the tale. If gold can rally $40-$50 today or Wednesday, and the miners 5% - 10% on heavy volume that would be, in my opinion, a strong signal that yesterday was more than just a minor daily cycle low. If gold can deliver a powerful follow through surge off of this reversal then we may have a final intermediate bottom, and maybe, just maybe, the bubble phase of the bull market is ready to begin.

As I told my subscribers Monday afternoon, miners have the potential to form a 2b reversal (a technical signal that sometimes spots an exact bottom or top of a trend). One could take a long position at Tuesday’s open and put a stop right below Monday's intraday low. If the 2b reversal is valid then the low will hold and the stops will not get triggered. If nothing else it's a low risk setup with a minimal loss but huge upside potential if we did print a bottom on Monday.

If the manipulation is going to continue it will probably try to regain control Monday overnight. If we see another premarket hit today then step aside and wait to see if gold can fend off the attack again.

As of 7 O'clock this morning the attack on gold has begun. The intervention is going to try and hold gold below $1250. If gold can fight off the attack two days in a row that would be a strong sign the daily cycle has bottomed and maybe the bull has finally broken the manipulation.

The $1 two day trial subscription is still available. Click here to sign up for the trial and read the latest daily report. 


-- Posted Tuesday, 26 November 2013 | Digg This Article | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.