GDXJ CorrectionThere is a correction on place. This is another scenario. GDXJ could fall minimum 42, and not lower than 38 range.
I´m comparing it to what happened last year.
GDX
GDX Clearly broken out - Targeting 46As shown in the daily GDX chart, the turquoise trend lines mark the support resistance trend lines, as well as show a standard flag pattern. Previous upside target in 2019 was 36, it now is upgraded to 46, based on chart pattern and Fibonacci projections.
Recent price action saw a gap above the trend line resistance, and consolidation before yet another gap up (over a minor parallel trend line resistance).
Also observed that MACD is supportive with a break up cross into the bullish territory, and a break above the MACD trend line at about the same time.
Bullish, target 46, around mid-August 2020.
Next leg to 1800Looks like we need to wait a day or so for the next leg up. New month on wed, or payrolls on Thursday may trigger it.
GoldGold priced in Aussie Dollar, Yen, and Euro all well above their respective 2011 or 2013 highs.
With all the "dismantling" of the US dollar talk - a weak dollar would certainly aid Gold's move to new all-time highs.
For the past 2.5 years, we've seen a strong dollar and strong precious metals market. USD rolling over, could be the boost this space needs..
Gold Sets Fourth Highest Weekly CloseGold closed at $1,780.3/oz this week which is the fourth highest weekly closing price in history. The highest weekly closing price was $1,876/oz set in August 2011 and the second highest weekly close was $1,788/oz set in November of 2011. The third highest weekly close was $1,780.8/oz in October 2012 which is jut .50c above where gold closed this week.
If gold holds above $1,773/oz through the end of this month then June 2020 will mark the second highest monthly closing price in history, with the all-time monthly high being set back in August 2011 at $1,831/oz.
Outlook on gold remains bullish with the expectation that price makes a new all-time high this year above $1,923/oz which was set in September 2011.
Junior miners bullish signalAs the GDXJ/GDX ratio broke a major resistance, the probability for junior miners to outperform senior ones has strongly increased.
Anyway, it is a strong bullish signal for precious metals and the precious metals industry.
AMEX:GDX
AMEX:GDXJ
Gold Miners GDX just broke out - Target 46With almost a 30% upside full potential, the GDX broke out of a down trend resistance line, with MACD crossing over into the bullish territory. The GDX also nicely bounce off the 55EMA and registered a recent higher high.
System Buy signal activated.
Rather bullish signal, don’t you think?
Projections put the upside target at 46, with pauses along the way.
Gold Miners Looking to Confirm the Bullish BreakoutGDX has broken out of multi-year triangle that formed a solid base since 2015. If gold continues marching towards all time highs, I think GDX can hold the breakout here. Perhaps it will cool off for a couple weeks after the rapid rise, but then I'm looking for the move to low $40's on the way to $60+
Positions:
GDX 1/15/21 40c
GDX shares
Reassess if falls back into the triangle (convincingly <$30)
$XAUUSD$GLD with a nice breakout of the wedge on the 2HR , consolidating here. Looking for 1800 near term. $GDX
Gold (USD) daily- $1,800 and $1,923 target levels.Gold (USD) daily- $1,800 and $1,923 target levels.
GOLD BULLISHProviding update to my previous chart. Gold has now completed an inverse head and shoulders pattern and we're expecting the bullish momentum to continue.
GLD - Consolidation leading to expansionGLD - 2 months of consolidation leading to expansion, after June 19th jerome powell speach. I saw options July and Sept call flow for GLD, NEM, GDX and SSRM. If Gold futures closes over $1750, that would be confirmation of uptrend. The FED will keep inflating market, also Hedge funds are fully vested into markets as well. Seasonality - charts.equityclock.com
GDX - IMPENDING DOOM!!We can see from this chart that price is ready to drop!
It has hit a key level of support and bounced off, it has tested this area several times before going higher each time.
The last time this level was broken it was a freefall to the bottom.. The next time the drop may be even greater!!
Get the sell stops in!
The $GDX (Gold Miners ETF) is Found Strong SupportWeekly Chart :
A very Clumsy Bullish Trend has started in 01/2016, and have been confirmed officially on the Penetration of the MDT (Major Down Trend) in 01/2019.
Note the Retest of Both Major Down Trendline and Major Up Trendline which occured on 03/2020 (covid-19 Drop) - Looking Positive.
Daily Chart :
31.3 Broke up with a gap and turn from Resistance level to a Support level.
Backed up with Rise in Gold Price, i'm Looking for a Penetration of the last Minnor Down Trendline.
The Take Profit objective is 40.25
Gold (AUD) daily- Uptrend from early still intact.Gold (AUD) daily- Uptrend from early still intact and recently confirmed.
Golden Title MatchThe Spring season ends within a few weeks. Golden bulls and bears are about to go head to head for season champion.
Bulls will surely win next season, but this season is still close. Bears have a chance for a final round comeback.
Bulls will try to go for the kill this week with a break out of H(1) wedge, while bears try to extend the match to the larger H(4) wedge.
I think the match will not be decided until the end of the month.
"Gold Mushroom" ™️ ©️ Pattern !Behold the rarely seen "Gold Mushroom"™️ ©️ pattern!
Some mushrooms are poisonous! Be careful out here! Always consult with professional mushroom pickers!
GDX - nice break out6/10/20
1 hour chart
Nice break out - Proving everything is on track, I will be looking to close around $41
Gold (GBP) daily- Up Channel, within Upchannel. Gold (GBP) daily- Up Channel, within Upchannel.
Futher deatils about Up and Down channels:
thepatternsite.com
