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 :)
With the history of miners leading the commodity in moves, I'm expecting gold to make a move higher (see GDX charts):
- We again have the bull flag being made, with any bearish attempt to "fill the gap" back down to 1180 being stunted 1200
- Our 'medium' channel from 2013 has been broken, re-tested, and remained bullish
- We are at out 23% fib retracement (same that GDX just broke through) from our big move down from our ATH in 2011
- We are also one move away from recent solid price action (black horizontal lines), which was similar in the GDX as well
- If these are able to break tomorrow, 1300-1400 is our very short term goal
- After 1415 you only have 1485, and 1568-1600 as price action areas, which is a very nice, large gap to be filled
Feel free to comment with questions or ideas :)
Happy Trading!
With the history of miners leading the commodity in moves, I'm expecting gold to make a move higher (see GDX charts):
- We again have the bull flag being made, with any bearish attempt to "fill the gap" back down to 1180 being stunted 1200
- Our 'medium' channel from 2013 has been broken, re-tested, and remained bullish
- We are at out 23% fib retracement (same that GDX just broke through) from our big move down from our ATH in 2011
- We are also one move away from recent solid price action (black horizontal lines), which was similar in the GDX as well
- If these are able to break tomorrow, 1300-1400 is our very short term goal
- After 1415 you only have 1485, and 1568-1600 as price action areas, which is a very nice, large gap to be filled
Feel free to comment with questions or ideas :)
Happy Trading!
