Gold is currently wedged in between $1300 and $1350. I have a medium-sized short position on it right now, and my view is that we’re going to break down below the current range and resume the bear market in precious metals in earnest. I’ve tinted the chart to suggest where I think we’re at right now, analogishly-speaking. I’ve put in the image of Ms. Fenn only because there have never been such glorious eyebrows. (more…)
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Bullish Consolidation for Gold – Mike Paulenoff
Spot gold is holding its recent gains exceptionally well and in fact looks like it is either carving out a high-level bullish consolidation area between $1340 and $1325 OR has already completed a minor pullback from earlier Tuesday at $1326.55 and embarked on a new up-leg. (more…)
Bear Goggles
I don’t know whether there’s an equivalent term in the US, but in the UK the term beer goggles describes the process whereby drinking a sufficiently large amount of alcohol can magically transform otherwise uninteresting members of the opposite sex into interesting and highly attractive people. The effect is temporary, but can be very strong. (Editor’s note: it’s the same here, Jack!) (more…)
Metals Must Make a Stronger Statement
Yesterday was an impulsive looking move and something of a statement in itself. But now technically, the metals and miners need to gather themselves (after a potential pullback on profit taking) and make a real statement. (more…)
Running Out Of Road
I was looking at the short setup on GC (gold futures) this morning and thinking how much better it was than the short setup on equities here. That’s for a couple of reasons. Firstly Gold is still either in a downtrend or in a bottoming process, and a rallies in a downtrend deliver better short setups than waves up within a strong uptrend. The second is of course that the Fed aren’t on constant watch to try and support the Gold market if it sniffles or soils a nappy. (Translation for Americans: poops its Pampers. – ed.) (more…)
