I have been very bearish on gold since its big rally, but it is has really been selling hard lately. It is approaching what looks to be a good support trend line. Maybe this will provide a good place for a rally to at least the top of the regression channel?
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This sure looks like a bottom to me. Let's see if we get some kind of confirmation this week.
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The question is will rising bond rates keep pushing this lower.
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End of day Tuesday and gold had a really nice bounce. Will it keep it up?
I know I just said it yesterday, but 1,492 or 1,550. Either would make a valid EW sequence. I'd wait until either is hit and then back up the truck!
We're more likely to bottom on GDX in the 29-30 region first at which time Load up on JNUG until we hit $50 on GDX
z3m25
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My wave count has a whole other wave down for completion. I'd recommend checking out elliottwavetrader to get a more accurate reading. GDX will likely bottom this week, but I don't see that in GLD or SLV.
Dr_Roboto
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Still working its way into that support zone.
z3m25
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Elliott wave is about to show the biggest gains ever in gdx, god and slv. And it very likely began today in gdx and slv with the turnaround mid day.
@Dr_Roboto, Go to the 5 minute on GDX and we have 2 waves on a 5 wave impulse up, if we complete that 5 ways I'm taking a double or triple position in JNUG! Larger wave (5) should take it above 50.
We're more likely to bottom on GDX in the 29-30 region first at which time Load up on JNUG until we hit $50 on GDX