We have been behaving in a top - mode, and the trend channel from June has been broken last Friday to the downside. If things unfold in a similar way to last August 2019 we could have some correction this week, maybe followed with some upside to make a king of a double top at the 66 level and then more correction... I would pay attention to the 63 $ level, because there is a gap there. Gold could rise on Monday, so miners do fill the gap and then the fall can continue for the rest of the week. The possible downside target, could be 55-56$ (gold should fall around 1.850 $ during this week). It looks so far...but we've been there a few minutes ago in terms of gold history.
58$ is also important level.
Have a nice week and good luck.
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Typo...Gold downside target 1.950 -1920 $
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Fast & Furious....
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At this pace, maybe tomorrow or the next day we´ll see a bottom, an d may swing to long. Let see. I sold all my shorts positions today, but could be more drop.
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It's too early, but I expect that this correction will range between 48-49 and 60-62 until it ends with another up leg. It´s a 28% correction from the top. They can be deeper in fact. Lets wait and see.
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A small gap around 55$ filled. Methinks...up for a while (some days) before another down leg.
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I will update the idea this week, but I'm beginning to consider the possibility that the bull is alive and kicking. That would mean that we could have seen the bottom on miners (and gold) and would be preparing the soil for another up leg.
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One more comment, I think that we'll correct like past May, beginning of June. The Main Trend is intact. Unless is broken to the down side, the bullish case is here.
great call - i am also long GDXJ now. Seems like you think bottom is in and we will head up from here. Thanks
JAY_c5velm
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@zstocks, thanks. Yes. That's my idea.
Good luck also to you
JAY_c5velm
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@zstocks I will post late this Sunday an update. we need some consolidatiion to repair some technical damage. that means some Up and Down before a new leg Up. But we hace seen The bottom .
zstocks
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@JAY_Cabuxo, looking forward to it, thanks
JAY_c5velm
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I expect an upside day today an Monday also. Gold 2.000 $
JAY_c5velm
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It will sound estrange and risky at this time, but...
Still exits the possibility that the bull market resumes the following weeks,
that would mean new gold high , new miners high and that the correction has ended. It´s sounds a joke, but it is not.
I´m long since late Tuesday. Gold up to 2.000 in the following days and miners at least to 61$ 62$ Maybe correct to 58$ and then... could go up or could correct.... let see what happens.
JAY_c5velm
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Going long again... (couldn't resist myself)
:-)
I think everything is fine...
Creo que todo está bien
I think it won't fall from the 54-55 level. From this point we could have a move upwards and fill the gap, to the 60 - 61 $ level or so that would end next week. That's the scene i´m considering.
Obviously, it could go on falling...