April GOLD chart

gsa1fan

gsa1fan

What will we see this month? More side ways or?

barefootjuan

Silver chart looks about the same as the gold chart

gsa1fan

How does temporary census workers equate job growth?

RedTiger

<< <i>How does temporary census workers equate job growth? >>



Well, all those temporary workers get money in their pockets, so typically they go out and spend. That spending creates jobs in restaurants, retail, etc. Of course that will all fade away after they lose their jobs, but the census workers can get unemployment after that so the bump will last longer than jobs did.

jmski52

If someone's been out of work and then gets a census job, I'm not sure how much spending they will be doing. Nevertheless, the government will claim the job as new hiring.

roadrunner

The jobs report today supposedly shows 120,000 jobs created in March after the census jobs are removed. If that's right, then it's at least moving in the right direction. Just to keep up with population growth more jobs than that are needed every month just to keep up. But there is still the matter of recovering the 7 million or so jobs lost in the past couple of years. Something tells me those will probably not come back for 5-10 yrs until some fundamental shift occurs in the economy.

roadrunner

MrOrganic

<< <i>If someone's been out of work and then gets a census job, I'm not sure how much spending they will be doing. Nevertheless, the government will claim the job as new hiring. >>




I have a feeling those who get a temporary job as a census worker will use that $$$$$ for bills.

KUCH

Yes, those census workers need to pay for their health care.

gsa1fan

Looking like a steady bump each day so far!

gsa1fan

gsa1fan

Open up

TwoSides2aCoin

I see it as being one hundred dollars below it's all time high. Not that this is a negative. It's been a great opportunity to add to one's holdings since last November. This steady inching up suits me fine.

gsa1fan

Up wards before US opening

gsa1fan

Tax week

gsa1fan

gsa1fan

gsa1fan

roadrunner

In looking at the gold chart for the 13th and 14th I see a broadening top pattern with the required 5 swing points (higher highs and lower lows). Silver shows the same basic swings too. This is an unstable topping pattern. Not sure if this is applicable to 2-3 day patterns rather than weekly/monthly patterns but something possibly to watch to see how it turns out. The 5th point is extended somewhat which isn't as clean as the first 4 legs.

roadrunner

Robb

Jobless claims spiked to 484,000 as reported by the Dept. of Labor today. Dow is down but only by a handful of points and it's obviously early in the day.

gsa1fan

TGIF

Ciccio

<< <i> >>



What's going on?

CaptHenway

SPLUNGE!!!!!!!!

cohodk

<< <i>In looking at the gold chart for the 13th and 14th I see a broadening top pattern with the required 5 swing points (higher highs and lower lows). Silver shows the same basic swings too. This is an unstable topping pattern. Not sure if this is applicable to 2-3 day patterns rather than weekly/monthly patterns but something possibly to watch to see how it turns out. The 5th point is extended somewhat which isn't as clean as the first 4 legs.

roadrunner >>



Nice read Roadrunner!!

roadrunner

Thanks Cohodk. Over the past month I just finished reading Edwards & McGee "analysis of stock trends" for the first time. I learned a thing or two....including more detailed knowledge about a number of chart formations, including broadening tops.

And with this 3rd leg down in gold and silver......also goes Palladium. But it too completed a clean initial set of 5 waves down today so should bounce back somewhat from here. Is it now ultimately going to correct a significant chunk of the entire move from February? That would stink for all the PM's.

roadrunner

gsa1fan

Tighten your belts near future might get ruff!

jmski52

So, does anybody still think that we're in deflation mode? Methinks that there are alot of people smarter than I who don't know what's going on, and that tells me not to follow any of the herds. Be careful out there, fellas.

jmski52

This is an unstable topping pattern.

My thought is that right now, practically all investment money is "scared money". The SM is overbought. The derivatives game has a spotlight on it now. Where do you think the money's gonna go? QE is going to kill the long bond and the dollar along with it. Ultimately, the fundamentals have to win. In the meantime, who you gonna trust? Just my two cents.

gsa1fan

looking good before open of NY.

CaptHenway

<< <i> looking good before open of NY. >>



It goes up, it goes down.
Kinda like my weight!

Mesquite

Unlike you Cptn, my weight only goes up.

gsa1fan

<< <i>Unlike you Cptn, my weight only goes up. >>



I'm in the same boat. Look at a cracker gain 12 pounds!

gsa1fan

jmski52

Ah, I see that we have the "daily plunge" taking place! It never ceases to amaze me.

gsa1fan

How did the movement track before ETF's? As I watch this chart on a day to day basis.

There seems to be same movement at same time of day. Day after day after day.

roadrunner

This is an unstable topping pattern.

Jmsi52, that pattern was a short term one and now pretty much history. I wasn't saying that the overall markets were in such a pattern, just the hourly charts.

Today's "splunge" was no great surprise at least based on what the gold miners had been doing. They've been counting down towards the usual 5 waves since this small correction began a little over 2 weeks ago. As has been the case fairly often, BVN (Buenaventura) had been the most prominent in leading the gold/silver miners down. On Tuesday I had counted the 4th wave complete on miners like BVN, Barrick, Kinross, IAG, Newmont, etc. Bullion ETF's GLD and SLV were a day behind the miners. The inverted head and shoulders formation for GLD that bottomed at $1123 was forecasting a potential rebound to the $1148-$1152 range. And that's exactly what happened. Now it's just a question as to how long this 5th wave down will take to complete the ABC correction from $1168. The miners will probably bottom out before bullion. It could have happened today or into next week.

The bankers would love to see this roll into mid next week so they can trim some of the 50,000 or so Comex gold shorts they layered in the last 2 weeks for profits (PM options expire Tuesday). The Treasury would love it as well since they have to sell another truckload of 2-5-7 yr bonds next week (Tues-Thurs). Keeping gold and the stock market on their heels would certainly help reroute the needed funds.

The banksters have so much of "God's" work to do on a daily/weekly basis that they stick to a tight schedule. Sharp Comex gold takedowns just happened to get assigned the 9-10:30 am EST time slot.

roadrunner

jmski52

rr, I can unequivocably state that my precious metals holdings are truly the least of my worries.

gsa1fan

Another Friday~how will the week close.

CaptHenway

<< <i> >>



PFOOM!!!!

gsa1fan

Last week for the April "parabolic move"

gsa1fan

$20 shot straight up!

edmundfitzgerald

I'm not a chartist, but doesn't the 5 year gold chart suggest we are going to 1,000.00 ?

gsa1fan

gold separating from other metals? Any guess's why?

CaptHenway

<< <i>gold separating from other metals? Any guess's why? >>



I was wondering about that too.......

TD

Tomohawk

I noted that too, GS (rather sadly, I must say!). Although Silver is holding against a major $ move (+ 0.91 as I'm writing this). I guess that's positive...I'd expect as the over-reaction corrects in the next couple of days silver will start back towards its march to $20, at least I hope.

edmundfitzgerald

<< <i>gold separating from other metals? Any guess's why? >>



It's a safer haven then any other PM, (or there are just too many shorts in gold right now )

roadrunner

Gold not only separated from the other metals but it separated from the stock market, bonds and dollar as well. And to top it all off, the gold and silver miners went strongly with gold this time. That has not happened in quite a while. This seems to be very bullish behavior for gold. Is this the decoupling phase?

Fwiw gold has taken off on Thursday following coincident bond weeks and completion of gold future's contract options expiration. And to add to that bullishness gold has powered up into the new month for the past consecutive 9 months. Looks like the downgrading of Greece and Portugal gave gold a push two days early. That's almost unheard of to have gold power up this early during a bond/options expiration week. There must be some serious stuff percolationg right now.

I'm not a chartist, but doesn't the 5 year gold chart suggest we are going to 1,000.00 ?

Different chartists can read it different ways. I read it bullish with an inverse head & shoulders pattern having broken out (to $1225) and then retested at $1044. Others think we'll be stuck in a $1000-$1200 range for some time. Still others are forecasting the C leg down of a 2 yr ABC correction that will take gold down to $600-$800. And in those 3 cases most expect gold to still head to new all time highs...except the Prechterites who see gold headed back to $200 after that ABC completes.

roadrunner

Mesquite

<< <i>gold separating from other metals? Any guess's why? >>



My wag is that in the past people would flock almost exclusively to the USD in times of crisis. Today a significant percentage will by-pass USD and go to gold in the face of falling foreign currency values. The same is not true for silver, palladium or platinum. The lesson here is 1) those folks currently driving up the price of gold will just as rapidly leave in mass and drive the price of gold back down, 2) watch for volatility in the gold price near term (?) and 3) the USD is losing respect world wide and now shares its previous ("safe haven") position with gold in the world's eyes. Bad sign for the dollar, good sign for gold.

It amazes me that the dollar, as dilute as it is, still "strengthens" until I realize that the world banks on (and clings to) fiat money. Among that group, the USD is (I suppose) still king.

PS. Don't take anything I've said here as learned opinion - it is simply my wag.

Konahead

<< <i>The jobs report today supposedly shows 120,000 jobs created in March after the census jobs are removed. If that's right, then it's at least moving in the right direction. Just to keep up with population growth more jobs than that are needed every month just to keep up. But there is still the matter of recovering the 7 million or so jobs lost in the past couple of years. Something tells me those will probably not come back for 5-10 yrs until some fundamental shift occurs in the economy.

roadrunner >>




I don't trust a single number or fact they put out! They just tell us what they think we want to hear. Rome is burning!

gsa1fan

Gold headed up seems to like 10am EST

roadrunner

Gold headed up with the downgrade to Spain. The timing of that is up to the regulators. Maybe 10 am is the ideal time for such announcements. FOMC meeting reports this afternoon.

roadrunner