In edit and took another $.23 from the bu$$ out again here at $24.81, finally the octabucker under the belt.
You may have another opportunity to add to NEM probably. I just jumped back onto the bu$$ at $24.58 again. The deca bucker might not be that easy after all...
Hi George, It looks like Ol' Clive has gone bearish again...... Do you remember the last time? It was right at the bottom of a sharp break that took off to the upside within hours of Maund's market 'letter.'
Gold Market
I have already read in some quarters about gold’s sudden plunge on Friday being described as a "healthy one-day correction". That’s not the way I see it, I view it as confirmation of the weakness that was becoming increasingly apparent as time went on, with gold unable to breach the resistance towards $400. The weakness was not so obvious in gold as it was in silver, which gave the game away over a week ago by breaking down from its uptrend.
What happened on Friday was not, in my opinion, a “one-day correction” as some would have you believe. Gold got “outed” on Friday. The breakout from the triangle has been exposed as a “false breakout”, which has set us up for a potentially devastating “end run about the line” – after a stunted uptrend the price arcs round and then crashes past the nose of the triangle. The gold market also appears to have “freaked out” on Friday at the prospect of a dollar rally as the dollar rallied quite strongly off its June lows, where there is support.
Following the breakout from the triangle late in August we had a rather weak unsatisfactory uptrend, which got increasingly bogged down in the resistance below $400 in recent weeks. Meanwhile the gold stocks, and especially silver and the silver stocks, were flashing warning signals.
We obviously have a very oversold condition, short-term, in both gold and silver, so I therefore expect some kind of rally next week to alleviate this. After that the scenario is of a plunge past the nose of the triangle, which will almost certainly result in severe losses in the stocks.
I ask readers to bear in mind that I have no desire to be alarmist here, for falling gold and gold stock prices are clearly not in my interest. I am setting out the situation as I see it, as we have to deal with reality as it is, not as we may like it to be.
More information on this theme is available to subscribers in the article "The Meaning of Friday", now up on the site.
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