BEI
Long

Are metals ready for a rebound?

BATS:NG   NOVAGOLD RES INC
241 7 1
Metals might have a last push during the summer, we all have our special metals tickers to buy next dip but this one, the special "how to lose all you money in one trade" kind of trading approach that i don't recommend to anyone. Still, if you have to admit this is beautiful and highly possible.
nice work
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BEI sublimares2
Thanks
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Btw: on the daily chart it looks to me as a h&s with target leading to a dbl. bottom
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BEI sublimares2
Hi sublimares,

Yes i am currently evaluating options and this could the scenario. I like to observe the SPY / GOLD correlation with my analysis and this tells me we currently in some kind of a "pause", in the first bearish scenario SPY fills the 167.11 gap, goes through and resumes at 161 ish or 157-156, arguments for this would be SLV and specific miners still looking very bullish on this pullback (over ma50 daily). This could push prices to 1470 on gold.
The second scenario would be a gap fill and bounce to 173 first target, making on the inverse correlation Gold prices bounce to test Ma34 daily (maybe even median BB) and come back further completing the pattern you are talking about. Arguments for this is current prices in Gold and miners violating simple pullback rules making them friendly to more down side.
A lot of other signs i am i am watching in the picture but all say the same thing : We don't know yet and as long as current levels hold, we have a small pause (pullback or bounce depending on ticker) and we'll see what comes next with price action coming.
I must say i am kind of lost with those mixed signals but i will be waiting for this pause to take any change in my current swings i have in the markets
Good trading
snapshot
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Hi Bei
I find your work very interesting. I also was looking into metals to see a sign of momentum but $SLV disappointed. On the daily chart there is a gap and it was not enough fuel to fill it. That is not a good sign.I agree with you: many mixed signals.
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BEI sublimares2
i can say the same thing about your work, different yet very insightful. Thank You for your comment
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