Short Term Trading Member Forum

[Toppcats]

Gold - Downmove on Friday appears to be possible start of a wave 3 DOWN! for physical gold. If so then gold will be on its way towards 375 target and HUI probably on its way to ~154 target. This would be expected at this point. Eventually the gold stocks should take the lead, which requires that the divergence between physical gold and the miners be closed. HUI to 150's would also complete a Gantley formation (noted by McHugh). If these targets complete - it will be 'back up the truck' buy time. The 'crash' of the gold stocks of late, has been viewed by some as a harbinger of a general and severe market decline yet to come.
In any event, the correction of physical gold price and closure of the physical/miner divergence should allow both to get back on track to the upside.

Regards,
Gary