Gold and precious metals miners are setting up ... !I am not GOLD bull - i read charts. Feels like the price action is confirming what we see happening outside of markets.
i recently read a report that someone was secretly buying gold at around 1800 and putting it aside - based on yahoo search- here is the copy of it:
(Bloomberg) -- Spot gold is again bobbing along near $1,800 an ounce, as it has been since mid-2020. The stickiness of that level, particularly as fundamentals turned more bearish, suggests there’s a big buyer somewhere in these waters. (...) That would suggest that whoever is buying is able to buy in scale, leave little footprint in the market and then take delivery and store the metal in secure, invisible vaults. And that points strongly toward a sovereign buyer.
Today i share with you few tickers and price action on XAU.
Miners
GDX about to break out?It has been many fake outs, but yet again, the GDX is attempting to break out, one that starts with a nice long bullish marubozu type of candle on both the weekly and daily chart.
The weekly chart had a gap and run marubozu, with MACD turning upwards but not yet in bullish territory, nor clear of the 55EMA.
The daily chart had a decent long bullish candle that is supported by the technical indicators.
What needs to happen over the following week is a proper breakout and sustaining above resistance turned support levels.
Fed Fund Rate Vs US 10Y Vs GoldHere is an interesting comparison of the 3 charts. If the history of these charts has taught us anything, there is going to be a rise in rates on a real rate basis more so than actual rates. What is more interesting is how this real rate rise will influence gold prices. Now gold isn't bitcoin, they are the exact opposite things. One is front-loaded with energy and the other requires perpetual energy in addition to one having mass vs one having no mass. The risk-off appetite will be a big player here. I can see rebalancing to add gold to your account of 5-10% and reducing bonds to offset this is smarter now. Adding the 1-2% bitcoin position will make sense as the risk-off bottoming occurs.
Gold miners will be smart soon, but not yet. Pick your miners now, Barrick, Newmont, Agnico Eagle, Wheaton Precious, FrancoNevada, Sandstorm, etc, and hit the bid when they tank along with equities. (This is a time to add additional bitcoin as well)
NU440 Miner Deal with Sphere 3D Put it on your watchlist, supposedly they just made a deal that would be a massive game changer if true.
The NU 440 has 4.5-5x the hashing power with less energy usage compared with the top asic miner available.
Sphere 3D would be way ahead of the game if this is true. DYOR NFA
Three Falling Peaks On The Gold Miners ETFThe Gold Miners don't look like they are setting up to have a very good time as they have made Three Consecutive Lower Highs and have penetrated the line of support it's been holding. Just from looking at this pattern and how we are trading in between the 55 and 200 week Moving Averages and Preparing a Weekly Death Cross it would seem that it is setting up for a +40% Decline in the near future so long as it continues to make Lower Highs.
GDX Lame Duck ?This week, the GDX did a lame effort to test the 55EMA, if you could even call that a test. Hence, the 55EMA failure was pretty much a lame effort too. This downward consolidation is growing lame and old, but it does appear to continue perhaps for a bit more as I do not yet see strength in the accumulation... having said that, when it comes, it is likely to be rather overwhelming.
For now, the same zone is pushed forward as a Buy Zone or Break Zone.
This is like fishing... all is lame until the big bagger comes, when it really comes, it comes with a hard fight!
Stay safe!
Gold ~ GLDI want to see a breakout to the upside between now and march and i'm quite confident it comes.
GDX Fake Out burns badIn the last post on GDX, it was mentioned:
"Oops... Gapped down later last week.
Again, more downside, watch for breaking of the range into the Buy Zone, and more importantly IF the support holds (white line)."
For most of the week, I looked like a fool... as GDX closed the gap, tested a minor support and then spiked a long candle above the daily 55EMA.
I have to be honest, I did relook and asked myself IF I missed something, misread or was biased.
And then comes Monday, and by midday of trading, the previous gap down is reopened. Together with re-entry of the consolidation zone (as expected), and a repeated failure of the daily 55EMA, this story now signals an exit on the other side of the consolidation zone.
Candlesticks (weekly and daily) all appear bearish, and not even needing to mention the technical indicators.
Notwithstanding, I am looking for a slight higher low from the 15 Dec low, in the Buy Zone marked, over the current week.
Have to keep reminding myself to be patient. When it happens, it will be very obvious.
Meanwhile, I am hanging on to my knickers! LMAO...
Fission May Slide to Weekly SupportFission Uranium is owner of one of the premier uranium deposits in the world with Triple R. Fundamentally I think Fission will be a top performer in this bull market. For now though, Fission may return to test weekly support at $0.56 before continuing upward.
#COPX #DRCOPPER Copper miners about to rip?Keep an eye on the copper x etf which tracks miners which are engaged in the mining of Copper. Every time we've seen a heavy spike in volume this year has resulted in a corresponding top or bottom for Copper miners. My guess would be another bottom could be forming here...
GDX pushing down for a lower or higher low?Oops... Gapped down later last week.
Again, more downside, watch for breaking of the range into the Buy Zone, and more importantly IF the support holds (white line).
GDX last coil ?GDX yet again pushing lower. Obvious reasons in Daily chart (right)
Inthe next two weeks, it is likely to be looking near the last low, for a higher low... the third time it is doing this. Possible the last coiling before a bull run develops.
Wait for it...
Dominance is backThe dominance could to back up in his role.
With hashrate that could to down cause Kazakh down internet.
GDX An Incomplete sequence Favors More DownsideThe Elliott wave view in GDX suggests that the main cycle from the August 20, 2020 peak is showing an incomplete sequence. Favoring more downside to happen based on sequence towards $24.80- $21.36 area lower before a turn back higher happens. While the short-term cycle suggests that the decline to $30.05 low ended wave 1 of (C) in 5 waves lower. Up from there, GDX did an expanded flat correction in wave 2 bounce.
While an initial 3 swing bounce ended wave ((a)) at a $31.59 high. Down from there, wave ((b)) also ended in 3 swings at $28.90 low. Then the bounce in ((c)) leg unfolded in 5 wave impulse sequence. In which, wave (i) ended at $30.16 high, wave (ii) ended at $29.95 low, wave (iii) ended at $31.54, wave (iv) ended at $31.19 low, and wave (v) ended at $31.77 high. Thus ended wave 2 as an expanded flat correction.
Below from there, GDX declined in 5 waves lower & ended small wave ((i)) of 3 at $30.15 low. And now doing a 3 swing bounce in wave ((ii)), which can see $31.29- $31.51 area before turning lower again. Near-term, as far as bounces fail below $31.77 high then ETF is expected to fail lower looking for more downside. Alternatively, if it breaks above $31.77 high then it can even see $33.01- $34.77 area higher before seeing sellers again.
GDX consolidating to downside biasQuick update that previous attempt for GDX to rally up was pre-mature. Still not yet in a bull trend.
Weekly chart had a break out above 55EMA fail in the last couple of weeks, only to bounce off a support. Technicals not totally aligned so may consolidate for a couple more weeks before some clarity forms.
Daily chart (right panel) shows the failed attempt, which now has a clear resistance line (lime green). Last week ended with a failure type downward candlestick, suggesting weakness in a rally. Technicals appear somewhat bullish, in contrast to weekly chart.
Expecting some consolidation, with a little downside bias within range.
Bullish chart pattern about to be completedKeep things simple! On this line chart, you can see that PDN has already formed a beautiful bullish wedge pattern, which we could break now around 0.50 AUD - then up it goes!
$HUT - Hut 8 Mining Corp. a buy soon?$HUT is on a correction atm, and bounced one time exactly on the .618 retrace from the last big low to high. If we see a second confirmation low, and then break out of the supply line, we might have a very decent buying opurtunity on this crypto mining stock! Stay tuned
gold price volatility (CFD)in the past gold prices have leapt towsrd the end of the year. technical patterns on the monthly have pointed toward muted gains in gold spot, and a drawdown in bullish futures activity.
Gold spot shouldnt break $1923, and should be back down toward 1635 region by june 2022
Argo Blockchain $ARBLevels still playing out and the plan remains:
positioning for a long entry around 1.40 ~ 1.44 after confirmation of support.
Target 1 continues to be between 1.90 ~ 2.00
First Majestic: Happy! 🥰🥰🥰It is increasingly looking good for the First Majestic stock, as the price is further moving away from its support at $12.56. Below that mark, we would experience a decline under $10. However, we trust the bulls here to make significant advances and push the price above $33.
Silver is the new gold!
Franco Nevada - Bullish Breakout TradeStrong Financial Position
No debt and $1.6 billion in available capital as at September 30, 2021
Generated $206.9 million in operating cash flow for the quarter
Quarterly dividend of $0.30/share
Sector-Leading ESG
Ranked #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG
Committed to the World Gold Council's "Responsible Gold Mining Principles"
Partnering with our operators on community and ESG initiatives
Goal of 40% diverse representation at the Board and top leadership levels
Diverse, Long-Life Portfolio
Most diverse royalty and streaming portfolio by asset, operator and country
Core assets outperforming since time of acquisition
Growth in long-life reserves
Growth and Optionality
Acquisitions, mine expansions and new mines driving growth
10.1 million ounce increase in Measured and Indicated Mineral Resources at Detour Lake
Long-term options in gold, copper and nickel
Noront consolidation likely to accelerate development of Ring of Fire properties
39.78x Price to Earnings (PE) ratio = too much
FNV (CA$178.55) is trading above estimated fair value (CA$144.54)
Technicals
Found decent support and has carved out a bull flag. If we get decent volume on a breakout to the upside , the fib extension targets are the most logical levels to look for.
FMG / Fortescue holding supportFortescue has been in a steady downtrend since the drop of iron ore prices in August. Since October, however, it was able to hold support at around 14 over and over again. With the recent drop in SGX:FEF1! this especially notable.
I am fundamentally bullish on Fortescue due to its fundamentals (balance sheet, green hydrogen ambitions, autonomous hauling) but it's hard to find a good entry point with iron ore prices plunging this rapidly.
Vox Royalty continues towards C$5 million revenue targetTORONTO, CANADA – November 2, 2021 – Vox Royalty Corp. (TSXV: VOX) (“Vox” or the “Company”), a high growth precious metals focused royalty company, is pleased to announce that it has realized preliminary quarterly royalty revenue of C$1,558,800 (US$1,223,400)(1) for the three-month period ended September 30, 2021.
Quarterly revenue benefitted from record royalty-linked gold production by Karora Resources Inc. (TSX: KRR) from the Hidden Secret and Mousehollow deposits at Higginsville covered by the Dry Creek royalty and record royalty-linked iron ore production volumes by Mineral Resources Limited (ASX: MIN) at Koolyanobbing, and consistent royalty revenues from each of the Company’s Janet Ivy gold royalty and Brauna diamond royalty. Royalty revenues relative to Q2 2021 were in line in spite of a significant reduction in realised iron ore pricing at Koolyanobbing.
Quarterly, year to date, and annual revenue guidance figures are summarized in the below table:
Kyle Floyd, Chief Executive Officer stated: “We are pleased to announce another quarter of strong royalty revenue and multiple royalty-linked production records at Higginsville and Koolyanobbing. The Vox portfolio remains on track to deliver revenue at the higher end of our expectations, even in light of revenue guidance doubling in July 2021. Further, we anticipate the first royalty revenue from our Segilola asset during Q4/Q1, following the achievement of commercial production at Segilola in October. The coming quarters present even more value accretive developments for Vox shareholders to look forward to, as we continue our industry-leading organic growth trajectory from 5 to 10 producing assets by late 2023.”
