1.63 $ from our last intermediate low. 0.6 $ from the magic 200 SMA and the bottom of the GAP.
I've started to accumulate miners today. If we close the GAP and tag the 200 SMA I will be adding to the position tomorrow. It's unbelievable but the miners started the ICL decline before gold. So the miners will bottom first and gold will follow the miners. We shouldn't fall below the previous ICL at 22$. For advanced traders I suggest NUGT and JNUG. It will be a unique possibility to buy miners.
GDX and GDXJ are already at extreme oversold levels where bottomed in the past (RSI). Banks will do everything to lose your positions. If you are in the game already hold the position.
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GDX Brutal volume today. Smartmoney forced gold to drop with 25.000 contract dump. The small guys stopped out.
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GDXJ
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Look the volume at the reversals in the past:
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JNUG. LOL.
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NUGT.
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How long they will wait the miners to go up? 1 day ? 2 days? Next week the latest when miners will rally with gold.
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GDX closed the gap and tagged the 200 SMA. I'M adding to my positions again. It's a unique possibility.
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As miners started this intermediate decline earlier than gold I think miners will bottom first. Maybe today ....
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I will update gold on twitter. Will leave the trolls alone to short it here.
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Bouncing from the 200 SMA on the daily. It can easily be the bottom.
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Lower low, but we are running out of sellers.... We are bottoming...
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GDXJ, JNUG, NUGT is the same. No one left to sell.
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Shares moved into the big hands of banks.
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Updated gold on twitter.
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It seems we will pop today but you can buy every dip. It's building the bottom.
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opening at 39$
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I think we need to get positioned here today : at least a starting position. Miners will bottom ahead of gold. I tend to think that in the night (GMT) (afternoon EST) when China opens there will be one more spike down to 1230-40 in gold. That will be bought by Tuesday.
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39$... +4% - not bad for your options
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Lower volume again and seems we will be closing above the 200 SMA. Very good sign. The bottom might be in. It's a good buy today again. GDX,GDXJ,NUGT,JNUG
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Swing in the miners. Miners are bottoming ahead of gold today.
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Nightstar
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Picked up more shares of JNUG today and will pick up some more after the bounce. This is a great buying opportunity folks! Don't miss it. Weekly Stochastics are oversold.. That's when you wanna start buying :)
webmiztriz
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indeed :o) nice ...
Nightstar
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That's what she said :o)
webmiztriz
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no ... she said .. "wow .. look at that volume swelling ... and that wide range thrusting bar .... "
Nightstar
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The word 'thrusting' has such a nice ring to it. Me likes.
pbartashevich
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The difference between bounces earlier this year and now is that today was the first big move down after break major trend line in Gold. It well may continue falling until NFP report on Friday. I think GDX will touch $22 for sure. Another difference is that the correction now is wave [2] of higher degree Elliott wave counting than we had earlier this year. So move can be much bigger. Just be careful. I sold 3/4 of positions today at the beginning of the day a at loss and sold the rest in the middle of the day. I don't think it is over yet. I am looking for daily RSI to turn bullish. Weekly RSI broke below 50 today. I think it may touch oversold line before reversal.
PowerOfCapital
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Agree, falling is not done yet, my experience:wait.
albertwt
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OK, Do you mean the same with XAUUSD bearish movement this week ?
pbartashevich
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Yes. We have broke major trend line. Now searching support. I think the biggest one we have is around $1200. I drew one parallel line to major trend line and it should meet the price at around $1220.
PowerOfCapital
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Normally the same as with xauusd. I guess late of this week we will see buy points.