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Thursday, August 14, 2014 10:50:20 AM
My longer term trade call
1. geo-political and seasonal holding gold up right now
2. cpi, dollar etc trajectory not supporting sustained upside
3. on a 5 year, since gold 1920.00 peak 2011, there has been 3 wash rallies each year peaking late Aug/early Sept, and another March 14 (1400). All wash rallies have ended up lower moving into Sept. Don't know if Gold will complete the ABCD cycle in the next few weeks with a wash rally or if Mar 14 will be the 'D' wash. Then it's either another big leg up or down
There is a lot of significance in this chart IMO
http://www.macrotrends.net/1340/gold-vs-the-cpi-historical-chart
On Nugt, Fast Sto is above 90, possibly suggesting some more top churning before selling off
Been a tough week on the bear side of Nuggy, should have been on the other side of the trade but missed it
Good luck to all
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