GreekGatsby14

GreekGatsby14

Unless a dovish tone comes out of the Jackson Hole symposium later this week I'm afraid I see the miners breaking down from this ascending wedge to test that 21.94 price tag which is the key 61.8% fib retrace of the summer rally and support/resistance throughout since the spring of 2016. All this patriotic war clamouring might be good for the dollar as well as a...

GreekGatsby14

That is, to break out of the downward trendline (blue dashed line) from the June 6 high which is now at the 76.4% fib retrace of the descent from that high. I will not use that ridiculous July 7 low at $14.39 for my fib retracement because according to some articles all "fat finger" trades below $15.45 were not honoured so I'm using the July 10 low. The 200-dma...

GreekGatsby14

Testing trend line from June 7 low ... still moving above 50- & 200-dma ... GOLDEN CROSS in the horizon

GreekGatsby14

I cannot have drawn a more generous downward trend line for the bears as the one that was breached last week and above which the weekly gold price closed. In the last couple days the gold price found support on the neckline of an INVERSE HEAD & SHOULDERS PATTERN on the weekly chart. Moving above all major daily averages and the yearly average (50-week ma) gold may...

GreekGatsby14

TARGET 17.76

GreekGatsby14

Pennant on gold 4hr chart ... target $1240

GreekGatsby14

The gold digger found her Sugar Daddy in & around the $21.94 support level which coincides with the bottom trendline from January, 2016 but the 20-week ma & the upper trend line since August, 2016 are keeping the girl from painting the town red. The moving averages are giving our femme fatale a bad reputation but that can turn like Trump's promises. A bullish...

GreekGatsby14

As USD slides today #silver was rejected at 50% fib retrace of May rally - breakout from bottom megaphone pattern has target at 17.34

GreekGatsby14

Below 50-week moving average now testing the 23.6% fib retrace at 96.51 … we are 16 points away from point of arrival. I expect a “dead cat bounce” from here before resuming its course for a rendezvous with the key 38.2% fib level which meets a) the trend line of the secondary tops since November, 2015 (blue dotted line), b) the bottom trend line of the 3 previous...

GreekGatsby14

Again gold failed to close above the upper trend line of an ascending wedge pattern ... overbought & with June hike looming gold looks bearish

GreekGatsby14

The upcoming week holds several key events that will most certainly move the gold price & Wednesday's Fed minutes release for the May meeting will be one of them. Allow me to remind you that in the aftermath of the May 2/3 meeting, the gold price was waterboarded by $35 in a matter of a week. The torture would have continued if not for the firing of FBI director...

GreekGatsby14

We should get a bounce at the 23.6% fib and then continue to meet midpoint of long term rally.

GreekGatsby14

Gold reached to within pennies of the key 38.2% fib retrace of the April Fool's descent on COMEY'S memo announcement. As it it becoming more evident to traders that Trump's tax cut schemes, deregulation plans & infrastructure spending lists are nothing but a dream, they are gradually returning to safe haven assets. This 5-day rally is impressive but is it enough?...

GreekGatsby14

The greenback has plummeted thru all supports and trends. The 20-, 50-, 100- & 200-dma are all in the rearview mirror as are the trends going back to May, 2016 (blue line) & December, 2016 (lower black line) as well as the support of 99.12 (October, 2016 high - red line) not to mention the key 38.2% fib retrace of the mountain built up in a rush since May, 2016...

GreekGatsby14

In pre-market action this morning, GDX topped out at 23.21 just missing the key 61.8% fib retrace of the April Fool's descent at 23.36 ... that was the first bearish warning. The 50-dma is still in an uptrend and until that turns down I will not call a SILVER DEATH CROSS. Support should hold at 22.41 now which is the 38.2% fib retrace. Examining the RSI ... a...

GreekGatsby14

ROUND N' ROUND SHE GOES ... A bearish rounded top is forming on the daily GOLD:SILVER RATIO chart ... possible outcome : drop to 71.29 support (March high) which is close to the 200-dma, a bounce to resistance trend line (black) & then a drop to lower trend line (blue)

GreekGatsby14

Silver price has broken out from both bullish wedges. The target of the short term wedge's breakout is where the wedge started which so happens to be at the 23.6% fib retrace of the descent since mid-April ... more specifically at $16.65

GreekGatsby14

Sellers must be getting exhausted soon ... remember SHORTS ARE GUARANTEED BUYERS