I just updated these yesterday HERE , but I'm getting a lot of emails about them today. I think most of you interested in any of these probably recall my macro view that gold has significant upside on a sub-intermediate, intermediate or maybe even primary trend, depending on where gold pullback to. Gold miners are showing good correlation with gold so I'd essentially lump them in the same category.
I have expected a pullback and we are seeing that pullback now. Yesterday I made a statement that may either be an opportunity or warning depending on how aggressive you are as a trader.
"Not too much has changed in the assessment for both, but there is a decent chance for some misleading activity and a decent chance for some trades if you are pretty aggressive."
My bottom line right now is I think if you are really nimble and willing to use leverage there are some trades (probably more in gold) on an intraday basis.
For my purposes and for the wider purpose of members, I DO NOT think the gold pullback is done or we might say that even if it was, I do not think there is a reversal process in place that is sufficient to support a reasonable long position. That's my feeling,
Most all of you know that I do not believe in "V" reversals, I'll admit there are some here and there, but by and large a reversal is a process and beyond that I'm not at all convinced gold is done on the downside yet, even though intraday there look to be some opportunities. I'd still consider yesterday's statement above, a chance for some misleading activity.
5 years ago
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