Post by
Highwave on Dec 12, 2017 12:31pm
Been reading various stock boards on KLDX and Gold Market...
The investors are realy beat up mentally. Lots of worry and exhaustion. This is a perfect time for a true reversal. Everyone seems negative or has been a seller.
As for Gold, there are analysts calls for a trip back to 1050 an oz. Kitco headlines on some days are almost all bitcoin. Bitcoin had its own streaming ticker on CNBC. Gold is like an after thought. There is blood in the streets if you are invested in any precious metal.
I think we are very close to a time where backing up the truck is reasonable due to an asymetric trade with limited downside. Sentiment sucks with the latest downdraft and the fundamentals are there for Gold and KLDX for a powerful move. Even the hedgies have been dumping their Gold positions. Take at look at Gold open interest. The chart is closing on Dec 15 bottom for activity.
https://ycharts.com/indicators/comex_gold_futures_open_interest
Maybe I am weird but everyone's negativity has got me excited.
Comment by
Highwave on Dec 13, 2017 6:31pm
The reversal appears to be on. 3 straight up days for KLDX with slightly heavier trading volume. I expect Gold to wiggle closer to $1,300 by year end. Small resistance at 2.55 and if we break that it will be easy to get back up to $2.85 which is the next level of resistance.