Quantcast 08 - Gold Newswire

Tuesday, March 22, 2016

TIME FOR A BRIEF PAUSE?

August 31, 2013 by · Leave a Comment 

By Toby Connor, Gold Scents

Now that gold has broken its daily cycle trend line I think we can assume that the daily cycle decline has probably begun. My best guess is that we will see gold drop into next week’s employment report and test the support zone and intermediate trend line between $1340-$1350.
We knew this was coming, as gold will enter the timing band for a daily cycle low on Monday, so no one needs to freak out. That being said, daily cycle declines need to make traders freak out in order to reset sentiment and prepare for the next leg up. So I suspect what is going to happen is that the bulls will try to defend that $1400 level for a few days, followed by a very scary $30-$40 crash day that will bring gold back down to that support zone and a final daily cycle low possibly on the employment report or the following Monday.
I don’t pay as much attention to the point and figure charts as I used to. I probably should as it spotted the daily cycle top at the declining trend line perfectly. I think we will break through that trend line during the next daily cycle.
The bullish percent chart is also suggesting it’s time for a minor rest. It hasn’t reached levels indicative of an intermediate top yet (80%-90%), but the big surge off the bottom needs to pull back and consolidate before the next push higher.
All in all, I think traders need to prepare for some whipsaw’s early next week as the bulls try to defend $1400, followed by a hard move down into the daily cycle low at the end of the week or the beginning of the next week.
Once we put this daily cycle bottom behind us I think the next daily cycle will test the April stop run level at $1523. Then depending on what unfolds in the dollar we could very well see a fourth daily cycle higher that tests the QE 4 manipulation level at $1700-$1800.

Toby Connor

GoldScents

A financial blog primarily focused on the analysis of the secular gold bull market.

If you would like to be added to the email list that receives notice of new posts to GoldScents, or have questions, email Toby.

K+S to announce cost cuts to secure profitability, liquidity

August 30, 2013 by · Leave a Comment 

CEO Norbert Steiner says he will announce steps to improve efficiency at the company in order to secure profitability and liquidity.

Read more….

Chalco posts $102 million first-half net loss

August 30, 2013 by · Leave a Comment 

The result compared with a net loss of 3.25 billion yuan in the six months through June 2012.

Read more….

Gold erases week’s gain after UK rejects Syrian action

August 30, 2013 by · Leave a Comment 

The gold price fell $15 in London trade Friday morning, reversing the last of the week’s 2.5% gain.

Read more….

Shaft Sinkers preferred bidder for Kazchrome shaft

August 30, 2013 by · Leave a Comment 

International shaft sinking and underground construction specialist, reports being the preferred bidder for a Kazakh chrome mine, and has also reported an 80% plus increase in half year earnings.

Read more….

SA gold miners confirm strike to start from Tuesday

August 30, 2013 by · Leave a Comment 

The companies say NUM has served notice of a strike over wage demands starting from the night shift on Tuesday.

Read more….

Polyus Gold slumps to loss on $469m impairment charge

August 30, 2013 by · Leave a Comment 

The leading Russian gold miner tumbled to a first-half net loss after taking a $469 million impairment charge.

Read more….

Ecuador/Codelco to create JV to explore Llurimagua reserves

August 30, 2013 by · Leave a Comment 

Ecuador has no mining industry to speak of and is seeking to attract investment to tap its large copper, gold and silver reserves.

Read more….

Anglo American Platinum to shed 4,800 jobs

August 30, 2013 by · Leave a Comment 

While 6,900 people are still affected by the restructuring plan, the group is now only going to retrench 3,300.

Read more….

Israel diamond exchange flexes its muscles

August 30, 2013 by · Leave a Comment 

Hundreds of companies crowded the world’s biggest diamond trading floor on the outskirts of Tel Aviv, as the exchange hosted a 4-day show designed to strengthen its position as a trading hub.

Read more….

Next Page »