The 75-week moving average finally halted the slide. If we drop below that level, things could get ugly fast—we’d be looking at a major correction if we break through that 1523 support. Even if that worst-case scenario plays out, I doubt it happens right now; it'll likely hit a few weeks after a rebound. For that to actually happen, we'd need some absolute disaster unfolding in Europe that Ben wouldn't be able to offset immediately.
Holding steady at 1613 for now. If this slide keeps up, watching for 75 WMA around 1590, then potentially all the way down to 1523. We should have a clearer picture by Tuesday at the latest. This floor matters just as much as the one we saw back in December.
Just sitting here waiting for this sell-off to bottom out (especially in miners—weak hands are everywhere) until the sellers finally run out of steam. It’s honestly pathetic how people are dumping their mining stocks right now; watching them offload everything at these basement prices is just brutal.
Melissa Sanchez17 said:You sure about that? The Dollar is only going to get stronger. There's massive uncertainty over in Europe right now, putting all this pressure on the Euro. And don't even get me started on Greece—that's a whole different disaster waiting to happen. New elections there seem almost inevitable... I mean, their 10-year yields just spiked to 23%.😍
Yeah. I've been dipping my toes into this whole physical commodities sector lately, so I'm still trying to stay objective while I figure it all out. 😁
Gold is trying to carve out a really significant floor here. Ideally, we’d see it hold below the $1,613 level from April 4th, but with the Dollar acting like a beast and the Federal Reserve breathing down our necks, that’s a tall order. This bottom could flash anytime between now and Monday—likely Thursday or Friday. If it breaks below that support, the whole bull market run is probably toast.
nimblepanther18 said:In my view, it is premature to suggest buying based on the PM's statements, especially since the crisis in Spain is only just beginning to intensify. When there is even a slight tremor in the Spanish economy, stock prices across the EU tend to tumble, and metal prices often follow suit. That has been the established trend thus far. Therefore, I am still waiting for a better entry point—perhaps waiting for another 10% pullback. What are your thoughts?
Best regards,
Ben has a much more powerful printing press (Spain is bad news for gold, but they're pushing the Fed toward QE3). We're seeing another sell-off in miners right before the bell today. If the Dollar manages a quick resurrection, gold could make a third run toward the 300 mark—which is currently at 1629—or perhaps head toward that 75-week average sitting at 1589. Or maybe the bottom was actually back on April 4th at 1613, or we're staring it in the face right now. Miners might just go test those lows from a few days ago.
I’m betting April 23rd was the bottom for HUI at 422. If gold dips just a hair more this week, we might see miners jump back up to 440 briefly, though I doubt they'll break much past that.
If you're looking to load up on precious metals for the long haul, now is the window. Don't sweat a quick slide to 1600 or a few bucks less over the next week or so.
Gold has tested that 300-day moving average twice now. Everything still hinges on the Dollar, which looks weak right now, though the DXY managed to hold above 78.65, leaving the door open for a rally. If that happens, gold is going to be back in the crosshairs. If the DXY slips below 78.65 next week—which I don't see happening, but hey, anything can happen—then we’ll know the floor for gold was set at 1613 back on April 4th.
So, are we looking at the bottom on Echipicepec? Was April 4th the floor, or are we headed back toward—or even past—the 300 mark? Just keep in mind that the 300 level that stopped the slide on April 4th was at 1613, and now we're sitting at 1622. Mining stocks are basically throwing whatever they can at the wall right now. Personally, I’m still betting on a sustained Dollar rally, which means gold and miners are likely going to drop another leg down. Honestly, what’s happening with the miners is more important to me. If hitting 440 wasn't the bottom, we shouldn't be looking at a massive further crash. Even if I'm wrong, it's not like I'll miss out on much. Right now, the pressure is really on the "buy and hold" crowd. Some of these folks are sitting on 30% losses, and let's be real—that’s a tough pill to swallow when you were expecting huge gains. Despite that, I'm still eyeing a continued bull market for miners and seeing HUI climb back toward 600 by summer. We'll see how it plays out.
Anything under 1685—or at least 1681—and above 1640 is just noise to me. Right now, I’m still playing the short game, feeling bullish on the Dollar for the next two weeks. We'll see which way the wind blows next week, but honestly, I think we're getting close to the bottom on gold. It’s hard to say if we’ll just hit a quick dip toward the 300-day moving average or if we’re actually going deeper. As for mining stocks, they might have already hit rock bottom; if they haven't, they're damn close.
We'll see if Ben decides to hold the Dollar down or if he brings up QE3 again tomorrow. Gold needs to break above $1,685 to actually flip the trend, but honestly? I'm still not buying it.
It’s pretty wild to think that miners actually managed to hit today's prices way back in 2007—nearly four and a half years ago if you don't account for inflation.
We’re staring down a massive opportunity to load up on gold, especially silver toward the end of April or early May. All eyes are on that $1,610 mark near the 300-day moving average. That 300 DMA is a massive psychological barrier; if we break through it, things are going south fast—potentially dipping even below $1,520.
If the Dollar starts looking for a floor—and it looks like it’s already headed south—gold could briefly spike past 1,700, maybe even hitting 1,720 by the end of next week. The mining companies are the ones who'll likely walk away with the biggest payday here.
We’ll just have to see how the Dollar holds up before the opening bell. Right now, it looks pretty weak, and honestly, gold isn't looking much better either.