Gold To Surge 1000% By Next Friday
Sorry, just thought I'd borrow a headline from everyone's favorite site, hoping to see it impact my Search Engine Optimization.
OK...but, seriously. I only thought of that because I had checked KWN this morning and saw the following link from KWN. As mentioned here previously, the only two technical analysts I've ever followed are Louise Yamada and Tom Fitzpatrick. Luckily, KWN has access to them and is able to share their current ideas with us. For that, we should be grateful. Please read this when you have a moment: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/14_Gold_To_Surge_Over_%24460_%26_Smash_Through_Key_%242%2C000_Level.html
To the business at hand. It seems like it's taking more and more time every day to print off, mark up and scan these charts. Now it's late morning and I'm just getting started typing. In order to get this stuff posted ASAP, I'll dispense with much of the extra commentary for today.
First of all, you had to know that we were in for a wild ride today when we saw this last evening. Silver doesn't get raided at 9:25 pm EDT for no reason. This signal proved accurate when we saw the further selling this morning. Fortunately, physical demand has proven to be too tough to overcome and FUBMs have developed.
Now, first things first. Our main goal for today is to get back above and close above $1585 in gold. So far, so good as we are hanging in there near $1587 as I type. The similarities to the pattern from mid-Dec to mid-Jan are so striking that it's impossible to ignore. Therefore, I am still expecting a rally over the next couple of days/weeks. Back to the red trendline on these charts. Is that tradable? Yes. But don't get too excited. Longer term, none of it matters unless the trendlines are broken to the UPside. Patience is required here. Be right and sit tight.
Moving on. I've been watching crude very closely ever since it fell through $93. It dropped into what looked like a buy zone under $90 but now is having significant trouble getting back above $93. If it fails here and falls back under $92, I'll likely get another chance to buy some (or some UCO) near $90.
We keep talking about the miners following the "Calvin" bounce off of the 61.8 Fib line last week. Though things have come down so sharply that it's probably OK to begin nibbling and building a long-term position, we are nowhere near "calling a bottom" in the sector.
It's springtime in the Northern Hemisphere so I'm getting the itch to buy some grains (or the DAG). I did not do anything back near Valentine's Day after being counseled against it by our pal, Art Lomax. But as we head into planting season, I probably won't be able to help myself. I'll be watching corn for the reasons outlined on the charts below and I'll probably look to grab some DAG if it dips below $10.
And, finally, there's this. When we first started watching this chart, I recall suggesting that it could trade all the way down to par (100). All of a sudden, that sure looks like a distinct possibility/probability. And at par, you're likely to see TMOAC (The Mother of All Calvins). It should be very interesting to watch.
Have a great day!
p.s. Our server company is going to take the site offline for about an hour overnight (U.S.), from 4:00 a.m. EDT Friday to around 5:00 a.m. EDT. They will be running some updates in an attempt to fix the outage problems we've been experiencing. Thank you for your patience.