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October 6, 2011

Encouraging Signs In Updated Gold Chart

Gold faces resistance at $1,648, $1,680 and $1,753 but momentum is increasing as John’s chart shows below.  As of 6:40 am Pacific, Gold is unchanged at $1,642.

10 Comments

  1. Thanks for the updated chart John. Does this suggest that now is a time to look at good quality producers such as RIC and would well managed juniors such as VGD and AGE still be considered in the ongoing bear market. Or should the two categories (producers and explorers) be separated assuming that explorers are going to suffer further in the bear market? Thanks!

    Comment by Andrew — October 6, 2011 @ 6:08 am

  2. Folks at BMR becareful… In March you did the same error. Giving hope Is not the tiime to start yet. No major problem have been resolve yet and far from doing it. We are going to see a lot more ugly days. keep the red flag up for your followers.

    Comment by Andre — October 6, 2011 @ 6:45 am

  3. IMHO – buy gold bullion outright, or wait for a correction signal in the CDNX such as Jon pointed out the other day. May take till the end of the month for a good looking “w” to show its face but the wait would be worth it. We can turn red next week and many of the rebounds last 2 days can go even lower. Nov. 15 is a benchmark for Greece and until that plays out there is no telling where things will go. I think 2012 is going to be a good year for juniors, but for now its pick your timing and enter at the lows if possible.

    Comment by dave — October 6, 2011 @ 6:57 am

  4. Venture up 47 pts today! we are rebounding over last two days due to extremely oversold conditions. Some confidence returning.

    Comment by STEVEN — October 6, 2011 @ 7:18 am

  5. John hs always harped on the issue of Volume… and the CDNX hasnt had it yet.. also a capitulation day(s) is probably needed… checkboxs on the sheet of many .. just need some confirmation that we outta the woods and that will come in Nov we hope…. volume is the key!!!

    Comment by Jeremy — October 6, 2011 @ 7:30 am

  6. I agree caution is still very much warranted. The action on the HUI, CDNX, Gold and Silver these last couple of days has been encouraging but we are not out of the woods. We need volume as Jeremy highlights. Lets see how we close out the week, but for now we are range bound.

    Comment by Hugh — October 6, 2011 @ 7:52 am

  7. One more thing, everything I read regarding the physical market is painting a very different picture to the paper markets which now seem to be fueled on nothing but QE and rumours of QE.

    Comment by Hugh — October 6, 2011 @ 7:54 am

  8. Andre, I would agree…bear markets by their very nature can be extremely deceptive – in otherwords, just when everyone thinks the market is taking off again to the upside and a bottom has been put in, there’s another reversal down…it is time to be extremely careful…

    Comment by Jon - BMR — October 6, 2011 @ 8:05 am

  9. interesting article on the front page of stockhouse. ” Bearish sentiment yet to run its coarse”

    Comment by dave — October 6, 2011 @ 9:56 am

  10. BMR
    You say we are now in a bear market, I asked a bear market in what?, the stock market in general, the CDNX, DOW, NAS, the price of gold and silver, I understand you guys put alot of weight in what the CDNX does, so is the entire precious metals and precious metal mining companies in a bear market in your opinion?
    thx

    Comment by GREG — October 6, 2011 @ 11:21 am

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