Friday, May 26, 2023. Been updating the timer and tracking the price of gold… I see it is up some $11.40 an oz this morning, and it just may be that it is wanting to turn right here… It’s always hard to say, of course, but here is what I’ve got…
In the OEXpert 7 Timer, the following conditions exist which say this could be that time… The price of GLD has fallen to where it is touching the lower of its two lower trading bands at 180.00. That’s a signal. The F1 indicator is at 9. That is under 10 and a signal in itself. F2, ever first and early, is at -8 and signaling. F3 is now also under 10, at 8, and that is a signal. F4 is at -7 and that also is either a signal, or so close, that I should put it in the camp. The same could just about be said for F5. It signals at 40 or lower, and is at 45. I wish it had gotten there so as to build my confidence more. Finally, F6 is sideways at 10 for the past 3 days. Again, another I wish had gone lower. Nothing bolsters my confidence more than when it hits 0.
So, by my 7 technical measures in the Xpert, it’s fair to say that some 6 of those are saying risk has gotten quite low, which it does at the end of any downtrend, of which all of May, since the last top on the 4th has been.
Is now the time to take a position in NUGT? I wish I were more confident and could say yes… But what I would like to do is to reach out to my trader friends and ask them to look into GLD and NUGT in their systems to see if they note any kind of low-risk technical extreme by their specific indicators, system, and rules.
As any should get back to me, I’ll share that here. I should add that a couple or three truly big name pros in this field are saying that a breakout into all new price high territory is coming soon… IF it were to do so, it would likely commence from off of a technically measurable bottom as what we may be looking at right here, I would suppose. So, let me inquire, and I’ll learn what any of my friends might have to say…
Harold
Gold Stock Trader 