gold in a starting market .
It's a warning for those people who were jumping on the miners boat very late in this cycle hoping that miners will skyrocket out of our solar system...
If you check the green boxes in the past the recipe was :
Breakout with a huge to new highs, a small and a breakdown with big .
The dollar seems to be turning up and rallying for a few weeks now. That will supress gold also.
I think yesterday the big banks unloaded their miner shares to dumb money.
If you were buying be very careful. It's very late in the gold cycle so some kind of decline is coming sooner or later.
If it's the case an 50% pullback is normal that would mean a 17.73 GDX ...
Money is flowing out of gold.
I was so sure about it!
Make a breakout and sell everything to the retail traders.
They got out at the highest prices.
How many times can the do it ???
I will be buying gold and gold miners (and maybe silver) at the end of May middle of June.
Now we are going down to the daily cycle low which will be also the intermediate cycle low.
I will post when I enter. It will look like sub 1000$ gold prices are coming. Everybody will talk about the gold rally is over.
I will be buying then...