Monday, November 25, 2013

Gold and the A-B-C Correction:



In a Getting Technical Interim Update November 21, 2013 GT1416 on page 4 - I commented on the precious metals complex.

“Watch the large gold miners The larger gold producers dominate the TSX Materials Sector by weight and the performance is displayed on the Weekly MOM Table on page 3. The TSX Materials sector is currently a # 12 rank on the long term monthly rotation MOM Canadian table. Note Barrick Gold (ABX) and Goldcorp (G) are so far - holding at or above their important June and July 2013 lows.

Strategy: hold on to current positions in the gold complex – but do not add-on in here
Bullion – The long term trend in bullion is still up as displayed in the 15 + year plot to the left (insert). Currently the 12-year primary trend line is at the $1200 dollar level. This important level was tested during the (C) corrective wave low of June 2013 when bullion bottomed at $1183.
The current wave of selling should not violate the June 2013 lows – see support from the major producers (above).


3 comments:

edmagee said...

Mr. Carrigan,

What is the indicator on the bottom of the chart?

Thank you

edmagee

P.S. Sorry to see your Star column is no more.

Anonymous said...

Mr. Carrigan,

What is the indicator on the bottom of the chart?

Thank you

edmagee

P.S. Sorry to see your Star column is no more.

Gettingtechnical.com said...

For edmagee

The indicator at the bottom of the gold chart is a 5/15/3 histogram

It is a 5 period less a 15 period smoothed by 3 periods

This tool was originally use by Trend & Cycle during the Ian Notley period

Bill C