Get started

GLD

GDX: Bullish Inverse Head and Shoulders Bottom In PlayGold is up an even 10% year to date. The precious metal has frustrated bulls at times in 2023 but falling real interest rates over the past several weeks have undoubtedly been a boon. While it’s encouraging to see spot gold climb above the $2000 per ounce mark, I see potential upside in the VanEck Gold Miners ETF (GDX). Notice in the chart that the portfolio of gold mining companies, Newmont Mining (NEM) being the biggest weight, is working on a bullish inverse head and shoulders bottom formation. I see a key neckline around the $30 mark while the low under $26 from early October represents the head. If we project that $4.50 height onto the neckline, then an upside measured move price objective to near $34.50 would be in play. Something to watch heading into year-end is how the US Dollar Index performs. Surely a move toward 4% on the 10-year Treasury Note rate would be a macro tailwind for gold and the gold miners, but a drop under 100 might also help commodities writ large. What could cause such a combination of lower rates and a weaker greenback? Softer economic data, including a weak payrolls report due out on Friday, December 8, might be such a catalyst. As it stands, four rate cuts are priced into next year which offers a solid backdrop for precious metals heading into 2024.
AMEX:GDXLong
by mikezaccardi
$GDX Bull Flag Poised to Break OutThe AMEX:GDX , a notable gold miners ETF, is currently displaying a Bull Flag formation, indicating a potential breakout on the horizon. My perspective remains that we are on the cusp of a significant breakout, one that could not only impact the gold market substantially but also trigger an even larger movement in mining stocks. Admittedly, I've held this view for some time, akin to the old saying that "a watched pot never boils," suggesting that sometimes anticipation can make the wait feel longer. By mentioning this, I might be tempting fate with the market, yet I believe that this breakout could occur unexpectedly, perhaps when it's least anticipated by most investors.
AMEX:GDXLong
by AlgoTradeAlert
$GLD Cup & Handle Monthly Chart### Technical Analysis Update: AMEX:GLD Cup and Handle Formation on Monthly Chart The SPDR Gold Trust ETF ( AMEX:GLD ), which tracks the price of gold, is exhibiting a notable pattern on its monthly chart known as a 'Cup and Handle' formation. This pattern is of keen interest to technical analysts and investors, as it often signals a bullish continuation trend. #### Understanding the Cup and Handle Formation The Cup and Handle is a bullish chart pattern that resembles the shape of a tea cup. This formation typically occurs in an uptrend and is indicative of a consolidation period followed by a breakout. 1. **The Cup**: This is formed when the price first experiences a gradual decline, followed by a stabilization and a rise back to the original starting point. The price movement during this phase should be rounded and shallow rather than a sharp V shape, and it usually spans several months to a year. For AMEX:GLD , the cup formation suggests a period of consolidation after an initial sell-off, followed by a gradual and steady recovery to the previous highs. 2. **The Handle**: Following the cup, a small downward drift in the price forms the handle. This is typically a retracement that does not go below the half-way point of the cup. The handle represents a final consolidation or a shakeout of less committed traders before a potential breakout. It's often seen as a bullish flag or pennant. #### Implications for AMEX:GLD For AMEX:GLD , the appearance of a Cup and Handle pattern on the monthly chart is significant. It indicates that after enduring a period of correction and consolidation, the ETF is potentially gearing up for a continuation of its prior uptrend. #### Key Points to Watch - **Breakout Point**: The critical level to watch is the resistance line formed at the top of the cup. A convincing breakout above this level on increased volume could signal the continuation of the bullish trend. - **Handle Formation**: The depth and duration of the handle are crucial. It should not drop significantly into the cup and should show signs of stabilizing or minor retracement. - **Volume**: A genuine breakout is often accompanied by higher-than-average trading volume, adding confirmation to the pattern. #### Trading Considerations Investors and traders considering positions in AMEX:GLD should closely monitor the completion of the handle and the subsequent price action. A breakout above the cup’s rim could offer a potential entry point, while a failure to break above or a drop below the handle might necessitate a reassessment of the bullish hypothesis. As with any technical pattern, it's advisable to consider the Cup and Handle formation in conjunction with other fundamental and market factors. This comprehensive approach helps in making more informed investment decisions.
AMEX:GLDLong
by AlgoTradeAlert
1
Gold - Fade a The Short Squeeze RallyThe marketing team behind gold and silver are always telling dumb and dead money that they should "hedge" against a "collapsing US Petrodollar" during times of global instability by being long on metals. The trade rarely works out. Gold and silver not only routinely follow the equities markets straight to Hell, but tend to get dumped during the start of new index impulse swings. This rally while the SPX gave up its 5% rally is actually a significant anomaly. But if the propaganda never, ever worked out, the propaganda would stop working and the marketing team would be out of a job. And that more or less sums up a 10% monthly rally on gold that's killed short sellers who wanted to comfortably ride a trend down. You can see on the monthly that this price action is just more ranging, more wick plays, and there's a notable unbalanced gap under $1,800. It's really important to keep a cool head as a goldbug, especially under the condition where the establishment media is reporting that Xi Jinping and the Chinese Communist Party is long several hundred tonnes worth of gold. The CCP is collapsing and everything that is going on in the world has to do with the various members of the CCP around the world, who are not of the Chinese race, scrambling to bury their skeletons while also trying to ensure they can take control of the country when the regime falls. And because of that, there's no reason to believe that a CCP that is desperately selling US Treasuries (see: Santiago Capital) for USD is going to be allowed to go plussy plus greeny green on its deeply deep goldy gold position. What hangs over the head of everyone on this planet is the Party's 24-year persecution of Falun Dafa's 100 million students and Disciples, a sin committed by former Chairman Jiang Zemin on July 20, 1999, that has even had the audacity to commit the unprecedented crime of live organ harvesting. Keep your distance from and wash your hands from anything related to the CCP, including the western factions that have become a particle of the Party swearing Marxist vows in Shanghai. So, here's the trade. Doesn't matter if gold takes $2,015. It's not the right overall timing for a new rally to $2,200. Instead, either go short, or wait for gold to trade under $1,800 again. There's no reason to believe gold is a new bull market until longs have been ruthlessly violated. There's no reason to believe metals are going to rally as a hedge during an international war or a major equity sell off, or a major equity rally lol.
COMEX:GC1!Short
by LordWrymouth
7
bitcoin following in golds footsteps, "wen etf?" Pretty cool how gold goes through the tech bubble crash followed by a spot ETF shortly after. bitcoin went through the crypto bubble crash following the same macro falling wedge pattern, if history repeats this move is going to catch majority of bears and bulls off guard here like what happen with gold. could be something to consider what if this time the bull market happens into the halving date peaking when the halving happens in 2024?, this would mean the bull market that people expect to happen after the halving could happen prior this time. Two things the market is not considering - 1. bitcoin bull market begins now and ends sooner than expected mid 2024 2. Ethereum and altcoins to be completely regulated out of existence in the first world. (most of the capital will rush back into Bitcoin) Bitcoin is what happens when you take Gold and plug it into the digital world and increase the scarcity while incentivizing decentralized energy. . the reason Bitcoin looks like its moving 7 years for every 1 year on Gold is because it should be its superior.
TVC:GOLD
by FederalXBT
1
The Gold Odyssey - Breaking out of top consolidation finallyIF you had been following the series of The Gold Odyssey, you would know how well the probabilities are in the analyses. To the point, Gold is ready to break its almost three year consolidation (huge) range. 1. You can see the powerful reversal off the mid-range support; 2. The candles show and project good momentum to follow through; 3. A trend line breakout already just happened with the week not closed yet; and 4. MACD and VolDiv are only starting to align for a good bullish breakout. Incoming!!!!
COMEX:GC1!Long
by Auguraltrader
Gold futures eyes $2,577 in acceleration of upside impulseA pullback in yellow wave (2) almost hit 61.8% of yellow wave (1). Now we see the strong minor impulse to the upside. It can be a part of large yellow wave (3). The target is projected at the distance of 1.618x of wave (1) with aim at $2,577. Watch how price breaks above the top of wave (1) beyond $2,086 Risk/reward is 1:2.5, one could get it better if goes on a lower time frame and buys on minor pullback following minor wave 1 of (3). Do you see gold futures touching $2,577?
COMEX:GC1!Long
by aibek
$GLD Gold Has a Double BottomIn technical analysis, a "Double Bottom" pattern is a bullish reversal pattern that typically signifies a potential change in trend from downward to upward. In the context of AMEX:GLD (Gold), spotting a Double Bottom pattern suggests that the asset has tested a support level twice and rebounded, indicating strong buying interest at that price level. This can be interpreted as a sign that the downward momentum is waning, and a bullish reversal is likely on the horizon. Investors observing a Double Bottom in AMEX:GLD would be watching closely for a breakout above the resistance level that tops the pattern, often accompanied by increased volume, as a confirmation that the asset could be entering a new bullish phase. However, as always, it's crucial to use other forms of analysis and indicators to validate any trading decisions.
AMEX:GLDLong
by AlgoTradeAlert
GOLD - Positive real rates is negative for GoldThe attractiveness of Gold is tarnished When cash instruments yield a positive rate of return More and more people are getting on board of higher interest rates (Dimon, Santelli) But u can see the Gold price has been inversely correlating with the rate of return for decades. It's bull run in the 2000's along with the commodity bull , coincided with real rates trending to less than zero. Gold Topped a few months prior to that negative reading in 2012! The current triple top that has been in place for he past 3 years , seems to be in danger of breaking down if rates continue up the next few years. The key level to watch is last year's lows in October around $1611 Which I believe is a distinct reality if rates head up to 7%
COMEX:GC1!
by BallaJi