Wednesday, July 23, 2014

CHARTS OF THE DAY



5 comments:

  1. $105.25 a close above that level will start a test of previous highs at 107.68 higher oil costs will have an impact on everything around the world from food to mining operations.....its inflationary until it turns deflationary.......jj

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  2. Gold is at that key level $1292 a close below sets up next support at $1285....next Thurs close for the month of July is going to be very key!!

    Gary now that $1292 has come into play is there a reversal # , cycle date, that would suggest a bottom is in, or will it be like the June low a close back above ???....$1306....on the daily action suggesting a bottom, a double bottom.......jj

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  3. Unless a short intermediate cycle were to develop then the next intermediate bottom won't be due until Sept. or early Oct.

    That doesn't mean gold will drop hard till then. I expect it to be a grind but taking out $1292 sets up a failed daily cycle and that usually means the intermediate cycle is now in decline.

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  4. Thanks Gary....."IF" the bull has returned to the Gold sector holding the 200dma is a basic must do, that comes in at $1287 and so far gold has traded at $1286, the Bulls will not want a close below the 200dma, so far so good.

    I agree with your comment at KER, the levels of which Doc see's gold and silver hitting are not in anyway chart positive.... holding $1292 and $20.50 is the line in the sand, or your outcome into Sept-Oct could unfold.

    Started a short position when the $1306 Fib level didn't hold, I want to be long but Price is everything!..................jj

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  5. http://finviz.com/futures_charts.ashx?t=CURRENCIES&p=d1

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