Jakk_Daws

Jakk_Daws

spot gold has not fallen off hardly at all and miners pulled back way too much. I see a fib and great comeback today to confirm buy where I think we'll head to at least test the 12.80-13 area and if this is a longer term upswing (which I think we are in as USD will fall and S&P may reach interim high today after Trumps speech).

Jakk_Daws

Purely technical play - simple wedge you'll see with downside risk below trend line. Also sitting under 50 WEEK EMA. Its above 10,50,100,200 day EMA -- just needs to get through top side resistance.

Jakk_Daws

I like GOGO to move off this current support and make its way to the $27 range which is a mirror in length as shown in Orange and hits a 1.618 if you like your fibo's. Some resistance (or first targets) would be at the old high of $22-ish, and the $24-$25 zone from previous highs and where I think the 1.27 could chew up some momo.

Jakk_Daws

Notes on the chart

Jakk_Daws

Bounce off 2 levels of support and 50 day. 'nuf said on that for a low risk entry (risk about 15 from here to about $550. Target 1 $675. Target 2 $750

Jakk_Daws

Higher High after we got over the red line. We test 200 day / upper trend line next. Risk: place stops below current red line support.

Jakk_Daws

At current levels I could see buying $GG for a snap back to prev low retest and top of trend line for about a 10% move. Buying at or close to the low's here gives you a nice a nice R/R ratio. NOTE - Goldcorp bounced/consolidated at almost each fib level previously ("1", "2", "3", ...) and at the lows I believe it would have a book value of less than 1. NOTE...

Jakk_Daws

Oversold is an understatement, and as I dont like catching knives this setup is due for at least short covering and comes when a nice AB = CD pattern is forming as well as a Fib level on high vol. Coincidentally, Goldcorp ($GG) is sitting on a 1.27 Fib as well.