Looks Like A Bearish Very Long Term Gold Double Top
It looks like a bearish very long term gold double top occurred at $848 in early November 2007 versus $850ish in 1980, see http://stockcharts.com/charts/gallery.html?%24gold. I need to confirm that I'm comparing an apple to an apple.
The early November 2007 cycle high at $848 is the Continuous Contract price and the $850ish cycle high in 1980 might not be, but probably is. I need to confirm that an apple is being compared to an apple. See http://uk.news.yahoo.com/rtrs/20071102/tbs-uk-markets-gold-factbox-7318940.html.
The current HUI/XAU/gold short term countertrend Wave B upcycle is a great opportunity to lighten up on one's holdings in the precious metals sector. Monday's gold COT (Commitments of Traders) data might be interesting.
The savvy non contrarian gold Commercial Traders correctly anticipated the sharp countertrend Wave B upcycle, as can be seen in the 5 day period ending 11-13-07's COT data, see http://www.cftc.gov/dea/options/deacmxsof.htm. Their trading has been outstanding in recent months and has generally been good for years. The savvy non contrarian gold Commercial Traders have gone massively short in recent months.
HUI/XAU are four calendar sessions into a countertrend short term Wave B upcycle (began 11-19-07). They put in likely Wave 1 Cyclical Bull Market and intermediate term (cycle began 8-16-07) cycle highs on 11-7-07, see http://stockcharts.com/charts/gallery.html?%24hui.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
The early November 2007 cycle high at $848 is the Continuous Contract price and the $850ish cycle high in 1980 might not be, but probably is. I need to confirm that an apple is being compared to an apple. See http://uk.news.yahoo.com/rtrs/20071102/tbs-uk-markets-gold-factbox-7318940.html.
The current HUI/XAU/gold short term countertrend Wave B upcycle is a great opportunity to lighten up on one's holdings in the precious metals sector. Monday's gold COT (Commitments of Traders) data might be interesting.
The savvy non contrarian gold Commercial Traders correctly anticipated the sharp countertrend Wave B upcycle, as can be seen in the 5 day period ending 11-13-07's COT data, see http://www.cftc.gov/dea/options/deacmxsof.htm. Their trading has been outstanding in recent months and has generally been good for years. The savvy non contrarian gold Commercial Traders have gone massively short in recent months.
HUI/XAU are four calendar sessions into a countertrend short term Wave B upcycle (began 11-19-07). They put in likely Wave 1 Cyclical Bull Market and intermediate term (cycle began 8-16-07) cycle highs on 11-7-07, see http://stockcharts.com/charts/gallery.html?%24hui.
....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
12:21 PM
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