Gold is oversold on the RSI. Had a doji reversal last Friday. And HUI miners keep signaling lower gold. Anticipating a move back to 1300. JDST is near previous all time lows @ 29 from February
If the Fed doesn’t deliver a rate cut Wednesday, expect gold to sell off
GDX has printed a Death Cross (MA50 crossing below the MA200) on a similar trading pattern as in 2016. The RSI price sequence is also identical, indicating that at least one more bearish sequence is due. With MACD turning at -0.277, it is an optimal opportunity to short. Our TP is 19.00.
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We experienced heavy selling pressure on gold today once the head and shoulders pattern was confirmed at 1292 neckline .
Will be going short at 1283 with a cross of the 20 and 50 period simple Moving averages. It’s also a match at the 618 Fibonacci retracement level. Looks like The 20 day moving average which is near 1255- 1256 will be a good place to cover
Head and shoulders reversal pattern formation complete on gold . Wait for confirmation with bounce off the 1290 neckline.
Suggest using a short position on futures options or mining etfs (JNUG, JDST) watch gold closely and cover to stop loss should price rise above the pattern's neckline.
Watch for breach of trendlines as indicated in chart to invalidate the...
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GDX - Elliott Wave Outlook
Bullish Swings - Patterns:
ABC swing in Intermediate (A) (green
Simple Correction in Intermediate (B) (green)
Ending Diagonal in Intermediate (C) (green)
Bearish Swings - Patterns
Sharp Bearish Impulse in...
AMEX:JNUG AMEX:NUGT
XAUUSD
Head and shoulders reversal pattern on gold. Wait for confirmation with bounce off the 1290 neckline. Suggest using a short position with tight stop loss positioned above neckline.
We are getting closer and closer to an important buying opportunity in gold miners.
Though yesterday we almost tagged the 200 SMA and bounced I still don't see that buying opportunity what i like to see at the gold miners bottom.
At the beginning of today's trading we broke above yesterday's high which is usually a buy signal but after a few hours of trading we...
This is a continuation of my previous post on gold miners. I would recommend checking out that post and the updates to get up to speed on the current trade.
Profits so far should be at least 15% if you’re trading leveraged ETF ($DUST). Personally at around 20% gain so far in the trade.
I plan to take profits on the entire DUST position soon since GDX is getting...
Why I’m bearish on Gold and Gold Miners in the short to medium term:
All the following items provide a positive market sentiment, and a stronger willingness for investors to allocate money to risky assets such as stocks rather than safe haven assets like gold, and therefore selling of gold miners.
1.) Still strong US economy, based on the slew of positive...
Gold breaks through strong support region, pushed down by positive macro news flow as predicted in my previous post. This completes the descending triangle pattern, was a reversal
The support region marked could be changed based on more news flow, will be updated regularly.
1.) More positive earnings surprises will likely follow
2.) Positive trade news is more...
This was posted on my blog at gdxdaily.com last night, be sure to follow it to get notified first of any new trade ideas! The ideas will also be explained more in detail on the blog.
Trade summary:
Given recent macro updates I believe the short to medium term outlook for gold miners is starting to look bearish, this is due to multiple factors that will likely...
This is a continued trade based on my previous post. This was posted on my blog yesterday night
We have a big week ahead of us with potential updates on several important political event, along with some important economic data being released throughout the week. The news that we should keep our eyes on are updates on the trade deal, and vote outcomes of the...
Gold miners have seen decoupled correlation with gold prices over the last couple trading sessions; while showing more correlation with broad equity market movements. SP:SPX just broke a key resistance level with heavy volume, meaning bullish moment in the short term. I believe this will help push AMEX:GDX upwards in the short term towards it's recent peak....
Hello again fellow traders and opportunists, it's your favorite (top three at least?) talking pickle. We have a beautiful setup on NYSE:KGC . This could
take us all the way to $4.00. Get your March options in while they are cheap. A fall below the EMA would be a good stop.
Don't get in a pickle!
Relish the moment,
The Shill Pickle
