Registered: 1101777014 Posts: 4,592
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See...even the best have "one of those days".
These were the chart highlights yesterday morning from John Murphy after gold futures trading was open for only 30 minutes: -- MARKET VECTORS GOLD MINERS ETF CLEARS SUMMER HIGH -- A LOT OF GOLD MINERS HIT 52-WEEK HIGHS -- TWO RECENT BREAKOUTS INCLUDE BARRICK AND NEWMONT -- SILVER BREAKOUT BOOSTS SILVER SHARES -- SILVER WHEATON IS GROUP LEADER Now, for those who don't subscribe to the Breadth Data service, this was last weekend's comments for the precious metals sector: "Precious metals stocks remain buoyant as the price of gold reached our long term price target given back in fall of 2008 of $1850 (US) an ounce with Friday's close of $1855.30. Though troubling that the PM stocks have refused to lead the way of gold's recent meteoric rise, much of this has to do with the realization that these " are stocks, and with it, will be pulled in the direction of which money flow will travel, though maybe not with the same enthusiasm. With that said, however, since we have reached our price target for gold, and with this same stocks to metals divergence, it may be time to take some money off the table and bank partial profits on any long gold positions, or at the very least, set a reasonable trailing stop given that the monetary fundamentals that support the direction of gold prices remains quite bullish. The price of gold is now down $150.00 since Monday's all time closing high of $1900 and rests on its 20 day EMA where a near term bounce should now be seen. Also of interest is that the .382 retracement of the move from the July lows to Monday's record level is $1749.98. The intraday low today was $1751.60. Fib __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977