... for a .56 debit.
Comments: Filled this for a 1.12 credit (See Post Below). Out today via good until cancelled order to take profit at 50% max with 29 days to go. .56 ($56) profit; 13.6% ROC as a function of buying power effect.
Still things are bearish from the drop at 1860 level. Somehow expected at first, then i didn´t think it willl happen, but finally it did.
Anyway, the bullish structure has not been broken and only a hard drop tomorrow or the next day will do it.
If not.
- Visit 1840-1860$ gold and a double top in GDXJ at 48$
- Move higher to 191x in gold and GDXJ at 52$ and...
... for a 1.12 credit.
Comments: One of the only underlyings at the top of my high implied exchange-traded funds list that I'm not already in with 30-day at 39.3%.
Selling 18 delta-ish premium on both sides. 1.12 on buying power effect of 4.13 (on margin); 27.1% ROC at max; 13.6% at 50% max.
Will look to take profit at 50% max; manage sides on approaching...
Nothing has changed. Just a rush in Gold and the hope of the beginning of a new bull market.
Bear will be awake this winter in the gold - miners sector.
Target for miners, within the trend: 32$
Gold 1550$
Timing: February March 2022.
$GDXJ is poised to make a bounce here. A potential bull flag. There are two major patterns that could play out. Both gartley harmonics of the type AB=CD. One big (white) and one minor (blue). The minor one also closes the cricled gap if it reaches its destination at 51$. If one is more long term oriented then waiting for the big harmonic to play out could be...
Entered at GREAT price right up against Major Support. Usually I post pics with MACD. Today I am not. Showing this chart as prime example of how Price Action dictates trade. Only using a simple system of Trend Lines and Horizontal support and resistance lines and some observation of candle patterns and you have all you need to trade. Another trade BUY signal...
... for a .63 debit.
Comments: In for a 1.26 credit, (See Post Below), out for a .63 debit today via an order to take profit at 50% max. .63/$63 profit with 18 days to go.
Two possibilities.
next week down almost for sure. And the 3th of November, again Fed meeting, with noise in the market.
How the fall comes, could show the mid term future in gold and gdxj.
Something between 40$-42$ I expect as almost sure.
And what cames afterwards is to be seen.
Could see another leg up, surprising everybody as November is always a week...
... for a 1.26 credit.
Comments: The only exchange-traded fund with 30-day implied >35% which I currently don't have a position in. ROC of 26.3% as a function of buying power effect; 13.0% at 50% max.
Think an important bottom is in sight, and could be reached at the end of the month.
Gold could be around 1620 and GDXJ 34$.
If that target is reached I will enter a long position, in gold and GDXJ.
Could no the FINAL bottom, but an important one. Think bear is still around after that target.
Noise Annoys
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www.youtube.com
In this video I will provide you with an broader picture of the GDXJ chart and I am going to show you why I think that there are a lot of indications that we might see a shift in the trend to the upside.
One of the factors I'm looking at in determining whether global gold mining shares can reverse their multi-month bearish trend is the ratio between junior miners and seniors miners.
The weekly chart sees the price continuing to trade within a multi-month downward channel and below the downward trend line. So far this week, Juniors are outpacing Seniors by 1.41%...
XAU/USD – Weekly
Very disappointing that we were not able to push through the $1835 resistance. We need to be more patient, I guess. The wide range is $1670 - $1835. And currently we are right in the middle of it. Sit tight on your hands is the best advice I can give you right now.
XAU/USD - Daily
No change on the zic-zac price action. Unfortunately, there is no...
