Yes, I know this is cutting it a bit close, but NFTRH144 & 145 began the warning with a view of gold nearing its upper trend channel line and an unfavorable CoT review with "the wrong people getting bullish".
This update went out this morning upon a review of the public opinion graphs hot off the presses from the aforementioned sentimentrader.com. Dumb money is never your friend and the people pile driving into gold in response to debt fears are dumb money. Real dumb.
"Gold is at the trend channel top per our weekly charts in NFTRH144&145. The CoT data have lurched toward unfavorable and now, as of yesterday the 'public opinion' (PO) data complied by Sentimentrader.com is much less favorable as well. See graphs attached.
We were secure in a good risk vs. reward stance when silver's PO was bombed out and gold's was at the bottom boundary. Public sentiment is now supportive of a correction. As noted in NFTRH145, the wrong people are getting bullish and they are doing it in response to the dynamics in Washington. This type of knee jerking is usually punished, in the short term at least.
NFTRH remains bullish on the PM's (gold more so than silver) beyond the near to intermediate term. The gold miners especially have a great investment case brewing. But HUI is near our 600 limit and as noted repeatedly, now within a strong resistance zone.
Traders should consider taking profits and investors do not have the 'all clear' (on a next leg up in the bull market) until Huey clears 610. --Regards, Gary"
http://www.biiwii.blogspot.com
http://www.biiwii.com
Follow @BiiwiiNFTRH
This update went out this morning upon a review of the public opinion graphs hot off the presses from the aforementioned sentimentrader.com. Dumb money is never your friend and the people pile driving into gold in response to debt fears are dumb money. Real dumb.
"Gold is at the trend channel top per our weekly charts in NFTRH144&145. The CoT data have lurched toward unfavorable and now, as of yesterday the 'public opinion' (PO) data complied by Sentimentrader.com is much less favorable as well. See graphs attached.
We were secure in a good risk vs. reward stance when silver's PO was bombed out and gold's was at the bottom boundary. Public sentiment is now supportive of a correction. As noted in NFTRH145, the wrong people are getting bullish and they are doing it in response to the dynamics in Washington. This type of knee jerking is usually punished, in the short term at least.
NFTRH remains bullish on the PM's (gold more so than silver) beyond the near to intermediate term. The gold miners especially have a great investment case brewing. But HUI is near our 600 limit and as noted repeatedly, now within a strong resistance zone.
Traders should consider taking profits and investors do not have the 'all clear' (on a next leg up in the bull market) until Huey clears 610. --Regards, Gary"
http://www.biiwii.blogspot.com
http://www.biiwii.com
Follow @BiiwiiNFTRH
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