miners have re-entered my "I'm interested" zone. I think 2020-2021 has very good things ahead for the miners and the things they mine exciting $nugt $dust $gdx $gdxj $jnug $jdst sorry for the ugly chart
3/1/20. GDX 4 hour charts I issued a warning on 2/23/20 of Risk v Reward. At the Friday low, GDX was down a bit more than 20% and NUGT was down a bit more than 50%. I FEEL for all those people who jumped in at the last leg and getting burned but that's how it usually out. Identifying Risk vs Reward and Resistance zone vs Support zone is important.
Overhead resistance for GDX is to be found at $35.50 and $39 Assuming that GDX reaches these levels over the next 2 to 4 weeks $NUGT could reach $53.50 and $64.80 respectively. GDX will open above $31 to $31.79 resistance which puts $NUGT at $42.0 to $42.70 Daily RSI will indicate a hold long.
Just building up, the GDX Gold Miners, which were lagging Gold prices for a while, is now on the verge of a breakout... from a tilted Cup & Handle Pattern, as well as a Triangle. MACD and OBV are bullishly supportive, and momentum is strong. A breakout sets an upside target of 32.50. Enjoy the ride!
It is uncharacteristic for the miners to lag in this way, usually, it goes the other way around. The explanation is simply that the S&P is near all-time highs and has signaled repeatedly to short the gold mining companies and ETFs. GDX resistance in the $31 region is not likely to hold this time. Gold miners are seeing all-time record profits due to gold...
To me I am finally getting a buy signal on miners. GDXJ has been supported by the 50 sma and is getting a move higher. The upper trend line was crossed, BUT we didn't close above it yet. I do see a cross of the 8sma and 13ema which is a buy signal. I had a buy signal on AXU yesterday. Pretty close to lift off.
A new top will likely happen on the upper edge (blue band) of the pitchfork, followed by consolidation. Global fiat currency debasement, combined with geopolitical risk and global economic slowdown; make Gold an attractive hedge.
Look for convergence on the ADX and DI indicator to find the next top and consolidation level. This will likely happen on the upper edge (blue band) of the pitchfork. Global fiat currency debasement, combined with geopolitical risk and global economic slowdown; make Gold an attractive hedge.
Looking at the breakdown of the top 3 holdings $NEM $GOLD $FNV and the rounded bottom here on NUGT we might have a nice move to the upside with the seasonality of the gold sector and the Gold futures hitting breakout highs. We will see if we hold the highs this week on the Gold Futures
Look for convergence on the ADX and DI indicator to find the next top and consolidation level. Global fiat currency debasement, combined with geopolitical risk and global economic slowdown; make Gold an attractive hedge.
Miners have yet to catch up to XAUUSD, It looks like Gold at $1620 will happen within the next month. I estimate that would take NUGT to ~$54.
The otherwise bearish gold chart may not touch down on $1400 to $1420 as many expected it to. Trade wars and tariffs along with the debasement of all fiat currencies may trigger the return to higher gold prices. Gold bugs who have been frustrated again and again over the last 5+ years may now see another large scale move as short positions are covered heading...
Gold has reached the target I mentioned on my last idea AND without much retracement. At this point it's best to take profits on gold longs or tighten stops. a decline to 1430-1400 is probable at this point and then a rally to next target 1587 **If you're interested in joining a group of like-minded traders, send me a PM. This is NOT a subscription service, just...
The ascending triangle in the gold price displayed here: Has produced a double bottom and bullish XABCD pattern displayed above in pink on the $JNUG chart. A return to the recent highs will likely send $JNUG back into the $76 to $83 range. Gold is, momentarily, no longer inversely correlated with the stock market. Negative real interest rates globally and...
The ascending triangle in the gold price displayed here: Has produced the consolidation wedge displayed in the green triangle pattern above in $NUGT. A return to the recent highs will likely send $NUGT back into the $36 to $38 range. Gold is, momentarily, no longer inversely correlated with the stock market. Negative real interest rates globally and the...
Gold is, momentarily, no longer inversely correlated with the stock market. Negative real interest rates globally and the inverse correlation with USD is now the primary driving force in the price of gold.
Pretty messy DW but I like it for a long selling premium on it, sold 25 puts, bought 20 puts for a bull put spread. 163 credit received, 37 days out