Replies to post #21500 on GOLDBUGS AMEX Goldbugs Index (GOLD)

[silver100]

Looks like a bottom to me. CNBC anchors are literally giddy each time they get to say how much gold plunged today. When they get giddy its time to go the other way. XAU HUI down less than 2% - sign of strength IMO. Nice consolidation move last few months. RSI MACD back down to normal. Set for a great run over next few months before summer correction.

[starboy]

This situation will have 'weight' going forward.

From the N.Y.Times.

Two major credit ratings agencies warned Thursday that the United States might tarnish its triple-A credit rating if its national debt kept growing.

It was not the first time the agencies, Standard & Poor’s and Moody’s Investors Service, warned that the nation’s gilt-edged rating might fall into jeopardy.

But the two statements, made within hours of each other, were seized on by deficit hawks as further evidence that the government must reduce spending and debt to avert disaster.

[tocotuga]

If today's low doesn't hold...well, it's lower.



First supports are the September breakout (Ice). If that fails, then the 150 day EMA has been support. If that fails, then that old favorite, the 65 week EMA, comes into play.

It does "feel" like this is the Aden D decline. But I doubt any lower than $1200. Even $1300 may hold.