We are nearing a bottom in the gold miners in the form of a wave 2 of the full wave 1 move up from the January low. The recent price movement on Friday gave us the setup for the final leg down as a v of C which can take the shape of a 5-wave impulsive move down or an ending diagonal. The bottom should be struck between the 50% and 61.8% retracement of the larger...
I'm seeing wave C possibly shaping up as an ending diagonal to complete wave 2 of the larger degree correction. If the price movement follows the blue count on the chart, we should be going down in 3 waves a-b-c to form a bottom around the 50% retracement of the larger impulsive wave 1 high of 52.50, potentially going a bit lower. This would be an excellent...
Harmony Gold is following the correction seen across the gold miners. I see two similar counts playing out over the next few weeks: Blue count: the whole wave C is an ending diagonal and we are currently in wave iv of the final move down. Red count: an alternative count would see us fall to lower lows beginning of next week to complete wave iii of C and then...
Gold miners are in a similar position to GLD, both are nearing there 50% retracement levels. If you are a long-term trader, right here would be a nice entry. I would stop out under 17.50. I know some like to wait for price action. That is an option, however, I have sometimes found price action does not always cooperate and you miss the move.
GDX needs time to base, predicatively, in a nearly reflective image as the most recent rounded top. Once it settles into moving averages and consolidates, it should move up nicely. I'll be watching tentatively for this trade opportunity to set up.
IT WILL BE PAINFUL TO TRADE GOLD/USD PAIR UNLESS YOU KNOW TOOLS TO DEPLOY OPTIONS. I am bear on this relationship and probably forming channel trade, but don't count on it too much. Also from cycle perspective Bull Market from 1999 TILL 2011 is OVER. So better to bet on the short side at least for next few years.
$xauusd and $tip had a couple of down days and I anticipated yesterdays $gdx pullback at the open. I jumped on a few small buys between 30.20 - 30.25 and sold my July 1st buys into the 30.60 recovery. Just like in December, the miners are lagging and I would definitely start to scale-back all weak hands before the 31.33 - 32.14 falling window resistance. This...
Overview: The Gold market fell during the day on Tuesday, but did found enough support below at the level of $1305 to bounce slightly. The main trend of Gold is bullish on charts and the $1300 level is looking a strong support level, at this point in time buyers are still interested in in the precious metal . The primary trend of Gold is bullish on charts. On its...
Never seen a more bullish pattern in years. Key resistance at $75.00.
I've been following GDX for a while. Bulls are trying to absorb supply again. If so it is very likely going to test longer term resistance likely established in 2014. I remain bullish above $23 buck
It continues to look like it has nowhere to go but down. We'll see.
Watch the lines for a place to jump in.
With all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :) My target area Short Term is 25-28: - We have the 23% fib retracement from our move down from our All Time Highs in 2011. - Weekly 200 ma - Solid price action (horizontal black lines) -...
Whether you're interested in hedging your long gold position or simply want to take advantage of a potential decline in the gold miners, the gold miners present an appealing opportunity in capturing alpha.
Guess it is possible to get 15-20% gain here in less than 2 months. The Bearish ‘Bat’ pattern is forming, point D can be near 16. Bullish Harami near the lower Bollinger band can be treated as a reversal signal in a short time trend. Point D is on the way of 200 day MA. A positive gold seasonality from the end of December till the beginning of February...
A Gartley and a Cypher pattern is pointing to the same exact destination for a sell reversal. We have previous structure at $31.31 & $29.38 coupled with confluence with two 1.27 extension ratios. $29.95. and $28.96 at the .786 retracment will be our kill zone. ****************************************************************************** For inquires of...