Note that this chart is based only on CLOSING prices for each month. I have included today's close as the price for June to give some sort of feel for where things currently stand.
The first major Fibonacci retracement level comes in near $1230 based on closing prices. I would look for a zone on either side of that of $10 for a target unless price can quickly recover and recapture $1300.
Tough to get a read on monthly charts, for sure; you know Dan, I usually have respect for Nigel Farage, but his last statement that the big money long term investors are buying the breaks in gold just was the best howler of the day, lol lol lol; I guess they all report to him every day, huh?
ReplyDeleteYou are the MAN! You and Martin Armstrong are making everyone else look pretty silly.
ReplyDeletethanks for getting me out of this market a while ago and thanks for keeping me out. I wish I could tell you that I bought low and sold high but I bought in the 1500-1600's but with your help (and Martins) sold in the range but below cost, keeping my losses to a minimum. I guess the trick now is to get in at the right time. That won't be easy but like Louise Yamada says, I would rather be out and wishing I was in, than in the market and wishing I was out.
have a great day.
Thank you for mentioning Martin Armstrong. I have now learned of an additional expert from whom I can learn.
DeleteI also want to take the recent developments to thank you, Dan.
ReplyDeleteIt's very rare to find honest people. And honest people in financial markets are even more rare.
You're a shining star. Not only because of your excellence as trader, but because of your honesty.
She's headed below $1000.
ReplyDeleteand because Trader Dan is willing to spend time to share his wisdom as a trader with all of us and educate the novices. My daily thanks for that task.
ReplyDeleteI'm just copy/pasting my daily chart to see what happened :
1) the scenario was one of decreasing volatility around the red median, with squeezing bollinger bands, and bounces between the two orange segments. That's what happened until 2 days ago, with the market coiling and accumulating energy for the next move.
2) Then the market chose and we are now down to 1290 area. Note that the chart and figures precede the price moves. So I see that we are bouncing on the 1290 which is the intersection of 2 or 3 interesting lines. Not to say that we will for sure bounce on that level, but being out of bollinger bands, a short term bounce towards 1320 $ seems possible. After that, I don't know if the cleansing is over or if we'll head back towards 1200 $. MACD 9 20 7 is starting to show divergences with prices. But divergences alone are never a buying signal.
So as usual, I'm waiting for a confirmation that the rout is over to get back in.
Thanks for all these posts yesterday Dan!
Have a nice day all,
http://s16.postimg.org/xw85e36ut/gld.jpg
P.S : I'm adding my understanding of the monthly silver chart.
ReplyDelete3 times, 3 last months, 3 bounces on the median of Andrew's fork. In july, median will be around 18.30 $ if the knife keeps falling.
http://s14.postimg.org/a3hlw6zoh/slv.jpg