Yes, I understand what your saying, ... I give it a few days, ... Wednesday at the latest, ... I dont sell all of my holdings very often, but I got tired of leaving money on the table and watching it shrink by the hour, ... and looking back now, ... I probably should have sold the entire amount when MUX was still working its way down in the mid-3s, ... hindsight is a wonderful thing!
If it doesn't rebound to close back above both the 50/200-day SMA's, ... then we can expect more of the same.
If you look closely on this daily gold chart, you can see that this is the first day its price closed below both SMA's, .. it first dropped below it on Wednesday but managed to close above the 50-day, ... Just Barely, .. and its part of the game they play, "to keep you guessing." So the customary three day's is ticking, maybe an international event turns it around.
If you look to the February rise on the chart, ... I just dont see anything worth talking about that's keeping it from another waterfall drop. So if it drops below the $1,280 low, .. we could easily see a loss of another $20.00, and again another $20 if the $1,260 fails. With no pivots to play and one large base at $1,260, I see nothing else until it gets down to the intersection at $1,200.
We do have several areas at higher levels that should play out at some point, but will it do it before or after it goes lower. I see the red MACD line just moved below center and the bars continue to grow longer. Both the W%R and Stochastic have been very oversold, so we are once again, ... overdue for a bounce.
Here is what the EMA looks like, ... screencast.com ... the 20 is already back below the 200.
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The Weekly SMA fell below the 50-day this week, filling February 10ths weekly pivot. Week-2 off February's pivot is at $1,292.95, we had a low of $1,289.00 thus far for the week, so we already violated that pivot, and the last week of January's pivot is at $1,257.25. Its back below the 50-day SMA now and the 20-day is a rocks throw at $1,275.00. Strange how the red MACD line is turning bullish while all the other indicators are looking down, these are signs of manipulation, I dont care what Dan Norcini says about gold not being manipulated, ... I disagree, ... its highly manipulated by powerful sources.
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Here is what the Weekly EMA looks like on candle, ... its giving up the 20-day at $1,301.70.
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