21. What about gold? My partner “GoldArtist”, who trades like Jim Sinclair’s father, with no charts, just an understanding of people and a sort of 6th sense about the market, notes that the short covering move up to the 1230 area happened very fast, and his “sensing” is the banksters want gold higher before their next hit. He’s called for 1240-1250 from the 1160 area, and that’s where we are now.

22. Our sell orders in the 1240 area were hit, and there’s more up to $1250. I’m happy whether gold rises $100 from here, or falls $100, and nobody in the gold community should have themselves positioned so they freak out if gold fell $100. Quite the opposite. You have to be prepared now, to buy when such a hit occurs.

23. Here’s the Gold Chart. Note carefully the 4,8,9 MACD series. It’s starting to roll over, and has given a sell signal, and the 8,16, 9 series is on the verge of doing the same thing. Whether that is voided, or it carries into the 12,26,9 series that is obsessed over by most technical traders, we can’t know. “Don’t fall asleep at your gold wheel”, is the theme of this week. Just because gold is quiet now, does not mean we end the week in yawn mode, not at all. We had $110 of weakness that was bailed on by many in the gold and fund community, and now we’ve had $90 of strength, that has been bought by the same people. Do NOT buy strength. Booking profit is the story of any and all action you are taking, here and now, with your trading positions, while tightening the vice on your core positions.

24. Here’s the GDX Chart. I’ve heard the talk, got the emails, on the supposed head and shoulders top. There is no top on GDX. There’s rectangular consolidation. You could also draw it as an ascending triangle, but the demand line angle is so slight it’s a waste of time. The bottom line is that when price rises into either a rectangular consolidation or into an ascending triangle, you have about a 66% chance that your gold stocks break upside. Juniors could go berzerko if we take out 55 on the GDX! First, however, we need to make it thru the Bankster Games Report, aka the Jobs Report. The tactics GDX traders and investors should employ now is to use any weakness in price caused by bankster pre-job report games, to add to your core and trading positions. Use any upside “breakout” above the $55 area highs to book profit on trading positions, not to chase price and buy while the banksters sell. We’re going higher, way higher. The question is, are YOU going to be onboard for the ride? If you chase price, the banksters will grind you up like hamburger. Stay professional, lock your core down, and put on your Golden Space Helmet!

Courtesy: www.gracelandupdates.com

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook