Trend line broken on the 1D, look for a close above 1140 today to confirm break.
$GC1! has pretty much proven the 2016 rally was just a reaction high. We'll have confirmation if we close year end below 1307. A close below the 1179 quarterly bearish for year end would raise the probability of new lows DRAMATICALLY. Would be great value if we could get a pullback to the previously elected monthly bearish level (1242.1) and 50/60 ema. That move...
Seem to have completed a H&S pattern on the weekly chart. Simple extension predicts support around the Jan. 2016 low. Gold should continue to drop for awhile and could quite easily help GDX make new lows. One to watch.
I believe there is currently a strong bullish divergence in the RSI and MACD. My TP is 1250$, and I will re-evaluate gold when/if we get to that level. We are currently making higher lows in both the MACD and RSI (while the price decreases), which leads me to believe we will see a strong up move in the following days. My advice is to avoid listening to the gold...
We are currently trading in a very strong bull channel. My long position was supported today when bounced very sharply from the 1286 level, and the MACD is about to cross. My expectation for the NFP is that they will miss, and we will see 130-150K jobs added in October (which the fed will justify is still enough to raise). However we are clearly in a bull-trend...
I went long on miners at points A, and B. I have been using this channel since October 24 to help analyze whether or not to add to my longs, or if we would drop to my second trend-line. Based on the help we received from Clinton today, and the fact that we closed over 1275, I believe the lowest we will see next week is 1268/69 (this is based on my trend-line, and...
We are nearing a bottom in the gold miners in the form of a wave 2 of the full wave 1 move up from the January low. The recent price movement on Friday gave us the setup for the final leg down as a v of C which can take the shape of a 5-wave impulsive move down or an ending diagonal. The bottom should be struck between the 50% and 61.8% retracement of the larger...
I'm seeing wave C possibly shaping up as an ending diagonal to complete wave 2 of the larger degree correction. If the price movement follows the blue count on the chart, we should be going down in 3 waves a-b-c to form a bottom around the 50% retracement of the larger impulsive wave 1 high of 52.50, potentially going a bit lower. This would be an excellent...
Harmony Gold is following the correction seen across the gold miners. I see two similar counts playing out over the next few weeks: Blue count: the whole wave C is an ending diagonal and we are currently in wave iv of the final move down. Red count: an alternative count would see us fall to lower lows beginning of next week to complete wave iii of C and then...
Gold miners are in a similar position to GLD, both are nearing there 50% retracement levels. If you are a long-term trader, right here would be a nice entry. I would stop out under 17.50. I know some like to wait for price action. That is an option, however, I have sometimes found price action does not always cooperate and you miss the move.
GDX needs time to base, predicatively, in a nearly reflective image as the most recent rounded top. Once it settles into moving averages and consolidates, it should move up nicely. I'll be watching tentatively for this trade opportunity to set up.
IT WILL BE PAINFUL TO TRADE GOLD/USD PAIR UNLESS YOU KNOW TOOLS TO DEPLOY OPTIONS. I am bear on this relationship and probably forming channel trade, but don't count on it too much. Also from cycle perspective Bull Market from 1999 TILL 2011 is OVER. So better to bet on the short side at least for next few years.
$xauusd and $tip had a couple of down days and I anticipated yesterdays $gdx pullback at the open. I jumped on a few small buys between 30.20 - 30.25 and sold my July 1st buys into the 30.60 recovery. Just like in December, the miners are lagging and I would definitely start to scale-back all weak hands before the 31.33 - 32.14 falling window resistance. This...
Overview: The Gold market fell during the day on Tuesday, but did found enough support below at the level of $1305 to bounce slightly. The main trend of Gold is bullish on charts and the $1300 level is looking a strong support level, at this point in time buyers are still interested in in the precious metal . The primary trend of Gold is bullish on charts. On its...
Never seen a more bullish pattern in years. Key resistance at $75.00.
I've been following GDX for a while. Bulls are trying to absorb supply again. If so it is very likely going to test longer term resistance likely established in 2014. I remain bullish above $23 buck