Weekly Gold and 200 day moving averages
Indeed the 200 day moving averages both simple and expodential come in at 330 +/-.
We have seen 200 day moving averages thought to be key support lines be breached recently....HUI case in point.
My guess remains for something down in the mid to lower $320s.....but the exact number is not so relevant as the end of the trend of making lower lows. Weekly indicators are all still very negative which suggests to me that unless this is a rare spike down "V" shaped reversal in the making that there's going to be time needed to repair.
In the meantime, following your lead, looking for opportunities in RMX, GBGLF and more IVANHOE if it falls back to about $2.65....hopefully not going to happen....Plan to be fully invested to the extent I'm going to be in miners and metals shortly after the bombs have started to fall....about 3 days after...assuming GOLD has tested the aforementioned targets or at least yours, Russ, at $330.
Weekly Gold....when the Fast Stos and the PPO have both hooked up, following a turn higher from more deeply oversold areas in Gallemore's trend and momentum indicators, THEN the market will have turned....and it will be time to be most aggressive.
Weekly Gold
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HUI - likely rally to 124-5 or very slightly beyond - gets turned back with a retest of 116-115 in the next couple of weeks is the best case....Positives: DMI has "hooked", PPO and Full Stos have both turned up.
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Weakness in the CRB, vulnerability in Crude, incomplete patterns in the metals, suggests to me that there's more room to the downside in commodities as the dollar rallies into looming war. Agree that the juniors may be least effected though at the very end their getting a wash wouldn't surprise me. |
