Which one is right? These so called Gold Guru's seem to be grasping at straws. They really don't know s**t.
( do you ever take note of all the, if's,could,might,maybe's,appears. It's like the TPTB reads there stuff and then show them who is really in control. Gold will rise when TPTB wants it to, end of story.
P. Radomski Critical 61.8% Fibonacci Retracements
December 2, 2016
Moreover, the USD Index could still correct in the short term and what we wrote about it yesterday, remains up-to-date:
The USD Index moved higher, but the daily rally didn’t change anything. The correction that we’ve seen recently is still quite small and it doesn’t appear to be enough to cool down the traders’ emotions. Please note that the rally that we saw in October was smaller than the November one and it was followed by a much more significant corrective downswing than what we’ve seen so far. Consequently, it would be natural to expect the corrective downswing to be equal or bigger than what we saw in late October and early November.
Moreover, the last several trading days formed a bearish head-and-shoulders pattern in the USD Index. The implications are bearish and the target – based on the size of the head – is at about 99.50. Still the other support levels suggest that the bottom will be formed higher, so we are not viewing 99.50 as our official prediction, even though it also could stop the decline once it is seen.
Summing up, even though the medium-term trend in the precious metals market remains down (as multiple bearish indications for the medium-term remain in place), it appears that a combination of bullish factors (support levels were reached in gold once again, silver and mining stocks showed strength; a long-term resistance level was almost reached in the USD; the 61.8% Fibonacci retracements were reached in the Japanese yen and Nikkei) makes the short-term outlook bullish. It appears that we will see an upswing in the precious metals sector within a week or so.
The Bear Market In Gold Has Resumed
Dr. Richard S. Appel
December 2, 2016
When the Bear Market finally notches its lowest point, it should be accompanied with much gloom on the part of gold investors. This is how Bear Markets end.
I suspect at least 3-6 months of punishing declines are in store for the precious metals markets before their Bear Market low points are posted. We will first see 1046 tested and likely penetrated. Later, if I am correct the $1,000 zone will be tested, with a high probability of being similarly broken. The $850-$875 area should generate enormous support if gold travels that far. I suspect that zone could represent the final low for the yellow metal. As always, I will do my best to view and listen to the markets with an open mind, and reevaluate my targets as the markets unfold.
On a positive note, I anticipate an incredible buying opportunity will present itself when the Bear finally takes his last breath. For those with the capital, courage, and belief to make purchases at that time, this could represent a life-changing opportunity.