Gold Sentiment Lesson

[edit] an article critical of (anonymous) others is an appropriate venue to once again note publicly the biggest mistake of my own, which was an ill-conceived target of 888 on HUI last decade. I learned from that. It’s okay to admit mistakes boys. We all make ’em. But as with humility, that appears to be all too rare in the market writer world as well. It’s okay to once in a while simply state “I was wrong”.

The number in the title is in honor of the boldest forecast burped up by the gold community in February as the metal (and the miners) jerked upward and jerked the holdout would-be enthusiasts into the market. It was included in the anonymous (but real) quotes from a cautionary post last week on the Gold Bull Horns.

We also used these quotes in an NFTRH update in order to try to make a point, despite what were very short-term contrarian bullish readings that day (per Sentimentrader’s data) for junior and senior gold miners.

From the update (2.28.19)… Continue reading "Gold Sentiment Lesson"

Precious Metals Sector Downside Target on Friday's Market Rout

Technical analyst Clive Maund assesses the precious metals landscape after Friday's broad market selloff, and offers strategies for precious metals investors.

After what happened on Friday, many Precious Metals sector investors are naturally concerned about the effect of further heavy losses in the broad market on the sector. Let's now review Friday's action, starting with the broad market itself, before moving on to consider the likely impact on the PM sector.

After almost two months of quietly drifting sideways, the ground opened up beneath the broad market on Friday, as we can see on the 6-month chart for the SP 500 index below. It gapped down at the open and plunged by 2.45%, heading ever lower as the day unfolded, there was not even the customary bounce in the last hour of trading. Continue reading "Precious Metals Sector Downside Target on Friday's Market Rout"

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Trading The Gold Bull With Options

Come on in my trading office and let me walk you through our latest option setup in the gold mining ETF. We use Elliott Wave and Fibonacci analysis to pinpoint the exact support and resistance levels for this trade setup.

Learn more about TradingAnalysis.com here.

Plan Your Trade, and Trade Your Plan,
Todd Gordon

I Had To Change The Bull Head Today

Stock indexes are melting higher, which usually suggests unsustainable short covering. We took profits on long trades and moved into the short side. Hopefully, my head won't be hanging on a wall because of it, but the market internals and a correlated asset class confirms the move.

Learn more about TradingAnalysis.com here.

Plan Your Trade, and Trade Your Plan,
Todd Gordon

The Gold-to-Silver Ratio: A Truly Generational Opportunity

Precious metals expert Michael Ballanger says that owning silver versus owning gold is a high-probability trade that could be the 2016 Trade of the Year.

Daily GDX Chart

This week's Gong Show in the global financial markets reminds me of the early 1980s before the advent of the Internet or online trading or blogs and especially before 30-something financial "advisors" were allowed to go on the national (and international) airwaves or Internet websites and babble on for what seem like days how "The Fed has our back!" as an excuse for buying stocks at 23 times forward earnings.

Back then, at 4:15 every Friday night, there would be a line-up of brokers and analysts (even the janitor) next to the old teletype machine (I am imagining more than a few raised eyebrows among the kids out there as they quickly Google search "teletype machine" on their Smartphones while sipping a $10 cup of fancy-ass coffee) in expectation of the all-important "Money Supply" numbers that everyone supposed was going to give them a hint as to when interest rates would start to decline from 16%-plus nosebleed levels of the early 1980s. Continue reading "The Gold-to-Silver Ratio: A Truly Generational Opportunity"

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