4 hour chart shows the Hust Cycle cross over to bullish price movement followed by this evening's open with a thrust toward the very critical 1220. Break out above 1220 should hit fib extension target at 1260 by end of week.
I know nothing of gold except what ZeroHedge tells me to think, but, boy, that's a lot of volume. Maybe time to ease in this or NUGT if you think an up trend is beginning.
Given the large gains seen over the last two days, there could be support in the cards for leveraged minor ETFs following profit taking. NUGT, Direxion Daily Gold Miners, is the 3x leverage of the Market Vectors Gold Miners ETF (GDX).
Price action is heavily to the downside, reaching support at $9.11 – forming a triple-bottom on the two-hour chart. Price visited...
Clearly we are oversold thanks to that big red day, however we could have some more downwards movement IF there is not significant factor bringing in buyers to gold. Hopefully alot of people took the day off friday and that indian holiday left alot of swiss cheese holes in the market.
Technical Stuff:
Fib retracement shows our first target of 1199.8 .. I would...
This is how I currently see the GDX. Like the chart I posted on gold I see the GDX likely in a long term triangle. At any rate it looks to me like it has recently finished a well defined channel down with a large volume spike at the bottom. Of course it could go down one more time to retouch the lower channel line but I favor it has begin a upward A-B-C perhaps to...
The 50 day simple moving average combined with the .618 retrace held as support...for now. Gold could bounce from here but if not 1200 would be a good entry point.
I have been following and trading precious metals since their crazy run up in 2011. I have firm beliefs that the precious metals sector as well as the mining sector has bottomed out and that now is an excellent time to get in. For a while, price has had positive divergence with regards to momentum and this breakout of a long-term resistance TL stretching from...
Gold is battling the 100 day simple moving average and a downward trend line. Volume has been decreasing which may indicate this move up is tired. IF gold breaks 1225 with decent volume, then 1240 is a given and 1250 is resistance. 2 possible trades here. 1. gold breaks below 1200, easy short to 1180 OR 2. break of 1225, easy long to 1245ish.
PREDICTIVE/FORECASTING TARGET:
High-Probility Reversal at:
- TG-Lo = 0.80821 - 22 DEC 2014 = Predictive/Forecasting Model
TECHNICAL SUPPORT:
- Target comes in alignment with a historical R/S level in WEEKLY chart
- Fibonacci-paced retracement at 0.382 provides close-approximation with overhead structure at 0.86591
CHART ACTIVITY CORRELATIONS:
GOLD:...
The average time between DUST/NUGT crosses the last 2 times is 82 bars. If that happens near the average were looking at the end of January. I think NUGT has more downside first but I would like to see 1125-1150 hold for gold and 8-8.50 hold for NUGT before getting too excited.
