Gold has rallied over 26% in a few months. That is a massive deviation from the mean move in Gold, ofcourse much of this move is from banking fear. With an upsloping wedge pattern forming, gold is likely going to make a new directional move. Probabilities favor a break lower from this pattern but we shall see if Gold has other plans.
The bear leg could have probably ended. Confirmation should come next week if it begins to move up sharply as I think. In short term (two weeks) back at 38$ And probably end of May back to 48$. Again GDXJ is on major support and this last week was a tipical shaking move before a large one. The sector is moving up, and up, but remenber always that corrects in a...
Who could have guessed markets would rally in an ocean of bad news: Worse than expected CPI Worse than expected PCE Worse than expected Chicago PMI Joblessness Rising Missed Earnings Q2 GDP Contraction in Recession Collapsing Home and Auto Sales Who knew you could miss earnings, lose millions in revenue and your stock price rallies like...
It seems like the US Dollar Index has peaked (as of now) at 108 which pushed gold and silver down drastically. But we could be on the verge of a massive breakout in silver, back up above $25 an ounce as well as gold back above $1900. You could start a position now incase silver continues upward or wait for DXY to fall below 100, but by then, you may miss a...
Gold Miners ETF (GDX) is close to breaking above the previous peak on 1.25.2023 high (33.34). A break above will open up a bullish sequence from 9.26.2022 low favoring further upside. Near term, cycle from 3.10.2023 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 3.10.2023 low, wave 1 ended at 29.95 and pullback in wave 2 ended at...
Ended the previous post on The Gold Odyssey (27 Dec 2022) with: So heads up, watch MAy 2023 for Gold prices to rally. Indeed the Down and then Uppish happened. Now, with the monthly chart, we find gold again at the border of the Constipation Box and people are getting all excited about it. I had questions about my views so I started to relook, a tad earlier...
It’s springtime and GDX is working on wave B in green in its green garden between $30.01 and $32.58. Soon the ETF should harvest the respective high, which could be settled anytime. Afterward, the course should turn and leave the garden on the southern side to expand wave ii in orange. This downwards movement should end well before the support at $21.52, though,...
True Bull markets in Gold are led by the miners, as spec money bids the sector and industry higher. We know that Gold has outperformed and had magnificent strength to the upside however its counterparty GDX has lagged. Seeing relative strength in Gold & relative weakness really emphasizes what were going through... a Liquidity crisis. Gold is moving on fear...
This is not financial advice. I believe $GDX will make a run up to at least $38.41, and potentially higher. The measured move is confirmed by long hand as well as Fib. extension: 1. High of $33.34 minus it's low of $21.52 (Point A) = $11.82. Point B's (retracement) low of $26.59 + $11.82 = $38.41. 2. Drawing the Fib. extension as show on the chart confirms the...
well, we formed the cup and handle. play stands and is ready to go in motion.
“Happiness was never important. The problem is that we don't know what we really want. What makes us happy is not to get what we want. But to dream about it. Happiness is for opportunists. So I think that the only life of deep satisfaction is a life of eternal struggle, especially struggle with oneself. If you want to remain happy, just remain stupid....
4hr chart shows gold is at top of buy cycle on 4hr chart and ready to head down. I also believe stocks are ready to head down so gold will follow stocks.
Here we are looking at GDX on the Daily TF… This analysis will be fairly brief, as the chart is crystal clear as of right now. Here you can see that GDX has retraced since its most recent uptrend which began in November of 2022. Currently, I am expect GDX to bounce off of the strong technical support as marked by the horizontal line (yellow). This outlined...
Keep an eye on GDX and GDXJ, the two most popular gold mining ETF's. We have a confluence of the anchored vwap from the April 2022 highs meeting the 200dma. If history repeats we could start to see gold miners gather a bid here for the next move higher. Gold price is holding up at the 38.2% fib + yearly pivot, so im watching closely for another rally at these...
XAUAAUD - Bullish rising wedge. Rising wedges can be bearish or bullish. Likely, long term trend consolidation, prior to next bullish breakout.
XAUUSD Gold - Bullish Cup & Handle. Also, rising wedge pattern.
Most ‘experts’ are declaring the gold cycle done I agree it’s at a possible reversal zone But given my analysis that the dollar has not bottomed And looking at the bigger picture for gold and miners This could be an opportunity to buy into strength This next 24 hours are key for gold and miners GRI 2023
This incredible rally in Gold won't really end until prices reach levels above $2250. My target is closer to $2400 - but we'll see how things play out. Overall, Gold moves in $350 price phases. From recent lows, the top of that $350 price phase is near $1985. I would suspect a moderate pause/pullback after reaching the $1985 level. The low of that...