I'm thinking this retracement is getting close enough for me to start adding back to my position here around $6.28. Seems to have come hard and fast. This could possibly retrace all the way down to 5.80, however, I've never been good at picking absolute tops and bottoms...good enough for me. Technically after redrawing my fib line, I wouldn't want to really see this drop below .618 level at $5.95
Comment:
Interesting... waiting to see if 1920 gold holds. I'm thinking if support at 1920 breaks, this correction could go deeper and take somewhat longer. Also watching GLD. A sharp recovery on GLD here could have bearish implications as it appears a right shoulder would be forming on a head and shoulder top which could mean more bearish action and a deeper correction down to the 168 area.
Comment:
That sharp recovery area being somewhere in the neighborhood of 1948-1954, in my opinion
Trade active:
$6.79 looks to be the high here on this leg, should head lower. I'm waiting to add closer to the $6-$5.95 range, but waiting to see if the daily close on gold closes below 1962, which may indicate gold is heading lower, possibly towards 1900, and then we'll have to see if that holds. Good Luck!
Comment:
Got the correction in the markets, very bullish. BTG looking good here. Though there’s no real trade other than to hold if you’re long. Wouldn’t short this market! Good luck