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GDX

Dollar is kingWatching the Dollar to see how it acts around the lower end of this trading range. Dollar has been trading sideways since Nov. Expectations of Fed rate hikes through 2019 has no doubt been a tailwind for the Dollar in the last couple months. Depending on how quickly Powell changes his attitude and language in the coming (now every 6 weeks) FOMC press releases, Dollar will be affected. Disclosure I am long $GOLD $GDX... a weak dollar would be appreciated. Obviously we have not seen a strong dollar the likes of previous runs (see 1990s). If we break through $98 and head north of $100 expect more pain in emerging markets... such is the cost of borrowing in other currencies. Have a good weekend!
TVC:DXY
by skyman9025
Canary Just Died. Time to Take the Money and Run!..Prices have rallied back to the bottom of the (b) wave triangle/pennant and are getting ready to trade down to complete the Zig – Zag Correction started from the August 2016 highs. The factors supporting this are a full Elliott Wave count (a, b, c). There is a Long, Angry Enveloping Dark Cloud Red Candle at the recent top. Price is also still trading below the 200 day moving average, thus the trend is still down. If you’ve traded this rally from the September bottom, now would be a good time to take profits. The blue c wave down should consist of five waves with a target around $10 established by the prior (a) wave. Though I listed this as a Short Idea, I don’t recommend anybody actually short this. The Fundamentals are such on the Gold Miners that they are a screaming steal, and anybody in their right mind should be accumulating them to hold for a long term rally potentially of tremendous size…
AMEX:GDXShort
by Cincinnatuus
7
DBC - More Odd Charts - Commodity Drop Underway?Crude oil has been getting absolutely walloped for weeks now, having lost over a third of its value recently. Looking at the chart of USOIL I recently posted, it seems to me we are definitely primed for a bounce. The bounce will ultimately fail, but we’re really, really oversold at this point. One thing I noticed is that the commodity ETF, symbol DBC, has actually cracked the channel which has been in place for years. Like I said above, I think oil will bounce, but I wouldn’t be surprised to see DBC hit resistance in the form of that now-broken channel. DBC is the basket of commodities
AMEX:DBCShort
by RHTrading
Long GDXJ (Alternative view from previous analysis)One week passed, GDXJ starting to form a bottoming signal (rising volume and bottom wick). With the equity market (SPY) so weak, gold may have the chance to breakout. If GDXJ breaks above the triangle trend line, that will be a false breakdown. That we should expect a huge rally ~20-30% from current level. The only risk is yield is about to explode, so if gold is negatively correlated to yield, this is unlikely to happen. Trade plan: wait til the break above trendline to initiate long position. Otherwise, I am still short biased.
AMEX:GDXJLong
by KeyTrade