chartwatchers
Long

GOLD MINERS - Light on the horizon

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
3041 30 61
Yes this is bullish .
We have the daily swing.
We have a new high after the swing.
We have the MACD crossover.
RSI left oversold. SLowStoch turned up.
Daily maximum close.
Gap open today and no gap close.
It was an ICL at 22.50 and couldn't break below the previous ICL
A break above the 200 SMA and holding these gains.
I highlighted by blue rectangles how important the 200 SMA was in the past.
ANd a golden rectangle what happened last time price broke above the 200 SMA .
It never tested back again
The correct strategy here is to get into the position and let it run.
It can rally for months. This is just starting.
Next resistance: 25.09 the bottom of the gap.

The only thing we are waiting for the big volume day when gold             is printing the daily swing. You must be in position by that time.
Comment: Gold printed the swing today. So this is our big volume day here.
Today is the last chance to enter in miners with a good price.

GDX,GDXJ,NUGT,JNUG will open wit ha gap.
To not get left behind the best plan is the next:
Plan the position size before the open.
Buy at the open the 50% of the planned poistion. Add 25% around the middle of the gap, add the rest 25% at the gap close.
If there is no gap close than at least you have 50% of the planned position. If there is a gap open you will have a better entry price.

I'm adding to my position with the same method today.
Comment: Today's action on the picture.
Though the gap was not filled we are in profits with all these late positions.
snapshot
Comment: Nice follow through today. We opened with a gap and the gap wasn't filled -> bullish.
Price almost tagged the bottom of the next big gap. I was thinking what happens if Draghi tomorrow starts to strengthen the euro .. Gold could pop and miners would open wit ha huge gap. And we could have an island reversal with the first Bear Island in this bull.
snapshot
Comment: I still would like to see a bug volume day , the same when weak hands were selling their shares on the 4th of October. It would be a short squeeze.
Let's see what tomorrow brings.
Comment: Cup and handle is forming in GDX
snapshot
@ new comment, I agree it looks like a C&H. I'm banking on gap fill for the low of the handle. Can't tell from that new chart but something close to the low 24.00 area.
Reply
Anyone know how to measure the possible c&h breakout reach?
Reply
It's better to watch here the time when to close your longs. If you follow me here I will try to sign the exit zone in December or January.
+1 Reply
Hi Arpi,

I think $1228 is still on the table. Until those consolidation patterns are not invalidated I would advise to be cautious. Next week will tell. Gold and Silver still can push up a bit before anticipated drop. GDX has a flag on I am watching. If it breaks it up then it is bull.

GDX
snapshot


Gold
snapshot


Silver
snapshot
Reply
Dollar may have finally formed a top - and about time too .....
snapshot
+1 Reply
I think we may open tomorrow with a gap on JNUG.. we are heading up!
Thanks arpi(:
Reply
A gap down?
Reply
near term Comex (gold and silver) options and futures expirations next week wednesday and thursday. usually means smackdowns on the pm-sector (not 100% always but be careful). first notice monday 31/10. Any smackdowns should be used for buying imo
+1 Reply
a game changer? This bull may have legs

http://www.kitco.com/news/video/show/Kitco-News/1391/2016-10-18/The-US-Dollar-May-Be-Fading-But-Not-For-The-Reason-You-Think
Reply
what about gold XAUUSD Arpi, we are waiting for your advice?
when it starts rally? does it will decline to 1228$?
thanks
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out