With all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :)
- Just as the GDX, we have a beautiful parabola, followed by an attempt to go to 1180, which was rejected by the bulls
- This creates the bull flag / pennant that was see now, which was just broken out of to the upside
- By finishing this day (April 11th) above the 23% fib retracement, I believe we have invalidated any head and shoulders pattern, as the left shoulder failed to do this
- This is vital, for if we drop lower from here, that is a classic Head and Shoulders pattern, which would launch us to 1180 no problem, so this is why it is a "make it or break it" time for gold ...
- We are out of our 'middle tier' channel, and back into a smaller and much weaker channel
- This leaves me with some concerns but the same thing applies as to the GDX;
- If it can break and hold above this channel and price action of 1270, that's when we should see the confirmation of a bull market, short term at the very least
Feel free to comment with questions or ideas :)
Happy Trading!
- Just as the GDX, we have a beautiful parabola, followed by an attempt to go to 1180, which was rejected by the bulls
- This creates the bull flag / pennant that was see now, which was just broken out of to the upside
- By finishing this day (April 11th) above the 23% fib retracement, I believe we have invalidated any head and shoulders pattern, as the left shoulder failed to do this
- This is vital, for if we drop lower from here, that is a classic Head and Shoulders pattern, which would launch us to 1180 no problem, so this is why it is a "make it or break it" time for gold ...
- We are out of our 'middle tier' channel, and back into a smaller and much weaker channel
- This leaves me with some concerns but the same thing applies as to the GDX;
- If it can break and hold above this channel and price action of 1270, that's when we should see the confirmation of a bull market, short term at the very least
Feel free to comment with questions or ideas :)
Happy Trading!
