As The Forces of Darkness break gold down on the Globex, what can we expect tomorrow and Friday. Will this be the final dip before the 2014 rally resumes in April?
Yes, I believe it is. I mentioned on Monday and Tuesday that The Evil Ones would salivate at the thought of one final dip through the 200-day MA in gold. This would lead to a final bottom for this current corrective scheme of $1280-1285. This looks nearly certain, at this point. The MAIN BATTLE, though, will be in what comes next. Can gold break through the red line again?
Silver, too, looks set for a final dump toward stout support at $19.50. Anyone looking to add some rounds might want to be ready as we'll likely be there tomorrow, too:
I mentioned this chart of Ivars', too. As we've discussed here often, the key for silver in 2014 is in breaking out of this channel. We nearly made it a month ago. Will me break it next time? (thanks, Ivars!)
And back on Monday I warned you that, since the HUI had closed below it's 200-day MA, that a move to the 100-day was likely. Well, we got it! Now watch tomorrow. The index will test the 100-day at 218. It may even trade below it for a while. The key will be whether or not it can rebound and close back above the 100-day. If you've been looking for a dip to buy the miners, this is likely it. Note that the RSI is reaching an oversold extreme, too.
Just a few other items. Click this link for a chart of the U.S. monetary base. Note the slope of the line. Do you see a "taper". Me, neither. https://research.stlouisfed.org/fred2/series/BASE
Here's the link for tomorrow's A2A with Andy Hoffman: https://attendee.gotowebinar.com/register/1102477367952688129
And please, please, please make the time to listen to today's Coghlan Capital webinar with Andrew Maguire. This was a one time event and the link will only be up for a few days, so if you don't listen to this now, you're going to be SOL. https://www.coghlancapital.com/node/8363
Then, as I've told you countless times, IF YOU ARE TRADING THE PMS, you are absolutely crazy/suicidal if you're not using the "Turd's Army" service. Yes, I realize that it's expensive. It's also the most important subscription you will ever have. Let's put it this way...I have my moments. I wouldn't have this site/service if I didn't and some folks accuse me of being a witch. But, for $10/month, I blew it. I was on vacation and completely missed the peak of $1392. Through this negligence I even cost myself over $1000. Andy, on the other hand, KNEW that the peak was coming because the sovereign physical bids were not following the paper price up much past $1320. He was right, I was not. You get what you pay for.
Besides the daily trades, his weekly "Commentary" is worth the price of admission all on its own. Again, if you're an active trader OR just dying to have the best information possible, I urge you to join. You can do so by clicking the "Hat" ad on the right side of this page or simply clicking here: https://www.coghlancapital.com/andrew-maguire-gold-trading?aff=62733&off...
OK, that's it for today. Stay alert and, if you're willing to add to your stack again, get ready for what I think will be the final dip of this current scheme.