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Thanks @goldbear77, do you have a prediction of bottom ish...

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24/09/20

09:22

Post #: 47588405
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Originally posted by goldbear77: ↑

https://seekingalpha.com/article/4375989-gld-short-term-pain-for-long-term-gain?utm_medium=email&utm_source=seeking_alpha&mail_subject=somabull-gld-short-term-pain-for-long-term-gain&utm_campaign=rta-author-article&utm_content=link-1

this is how experienced investors globally will be looking at this

chart wise - gold silver have done precisely what i'd expect for a meaty reversal to occur even starting today

if you take a look at the Gold futures chart below - 2 of the 3 things you ideally want to see for a reversal around here are in place

- the spot price is now below the recent horizontal trend low - that's generally a necessary condition because it drives capitulation selling by margin longs - triggers sell stops

- the move is now below the 61.8% fibonacci retrace for the interim wave that started at ~1790

- the one thing that hasnt yet been hit at the 1831 61.8% retrace on the overall move from ~1680 - which would also hit a point of significant horizontal support

given this coincides with the last days of sept futures contracts in gold/silver - JPM and other will likely be flipping to bidding the futures to take delivery around here

as you can see the actual gold higher low major support trend is around 1770. so there is room for another 2-3 days more downside

but any buying of PM exposures around here on 2+ month view is minty 'gold' and technically what most seasoned technical investors look for

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Thanks @goldbear77, do you have a prediction of bottom ish silver price? I did hear about flash crash before next leg up. But i was expecting it around election week and not this soon Thinking to load up but the fear is real... I'm quiet invested

PMY Price at posting: 1.7¢ Sentiment: Hold Disclosure: Held
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