Bull miners appear to be overbought and the same goes for spot gold. Simple in and out play. Stop below buy.
The 3EMA and 10 EMA gap is becoming too great. Price needs to check in with the 10 EMA daily with a bounce or sideways action. After that miners and gold will determine the direction.
Side note, miners have been ultra choppy.
The 3EMA and 10 EMA gap is becoming too great. Price needs to check in with the 10 EMA daily with a bounce or sideways action. After that miners and gold will determine the direction.
Side note, miners have been ultra choppy.
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Gold is oversold on hourly, but could still have some bull left in it. Miners didn't move much either way despite gold making new highs. Just waiting for now.
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I bought DUST today. I see gold and miners are losing their price correlation on the daily. I think tomorrow will be green for bear miners. I'm guessing $31-$33 for DUST.
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A good example of chart projection and adaptation. I did a forecast based on higher gold, but we've seen miners lose correlation with gold before and showing a short term trend change (or correction). This correlation change lead to the adapted buy confirmation. Still stop is needed if gold goes bull.
Gold is oversold on daily chart. IT's had a long bull run with little to no correction. Gold made a doji above the 50 SMA daily. If gold is bull still then it would go positive over the doji and miners should go bull.
My short term plan is sell dust if gold nears 1240-1245 or stop if gold goes 1260. I would think Wednesday to show some more bull gold for the FOMC and this would tell a story of gold's overall bull or bear direction.
Traders need to keep in mind anything could happen and it's our job to decipher that information.
See what happens next....
Gold is oversold on daily chart. IT's had a long bull run with little to no correction. Gold made a doji above the 50 SMA daily. If gold is bull still then it would go positive over the doji and miners should go bull.
My short term plan is sell dust if gold nears 1240-1245 or stop if gold goes 1260. I would think Wednesday to show some more bull gold for the FOMC and this would tell a story of gold's overall bull or bear direction.
Traders need to keep in mind anything could happen and it's our job to decipher that information.
See what happens next....
Trade closed: stop reached:
idea broke with AM selling