W bottoming momentum in weekly in oversold area $GDX, $GDXJ, $NUGT
Gold is working a continuation triangle, implying a move higher. At this point spike to 1550 is likely, but I still think we're due for some sorta temporary top
GDX is still 12% below its 2016 highs, despite Gold having already surpassed its 2016 peak of 1375 by roughly 5%. On top of this, the GDX having more exposure to unhedged miners should result in GDX out-performing the HUI hedged senior miners in a bull market. This is not the case, as the GDX is actually under-performing the HUI. Highest probability assessment...
Fed's policy bullished both S&P and Gold. But for now, gold might need to take a breathe before going higher. RSI is in the overbought area. Two exhausted candlesticks are also appeared. We can short the gold by watching those resistances and supports. 1430 would be a strong resistance, and the green bars are strong supports.
I'm anticipating the FED not cutting rates - this will cause other central banks to cut, which will force the dollar $DXY up and gold down. Chart looks like a double-top is forming with momentum sliding. Again, the only way gold goes up if we start war with Iran which last week looked like it was going to happen. Doesn't look like most of the globe is accepting...
Basing and Boooooooooooooom
RSI reaching higher highs @70. How long can we keep it overbought? DUST is reaching SMA(100) which has been the on a YTD downtrend. Hopefully we can brake through the 25$-26$ to change the direction of that main trend.
DUST looks ready to fly. Wouldn't be surprised if there is a small, short-term pull back, but I also wouldn't be surprised if DUST just starts shooting straight up. All depends on how quickly GOLD falls to 1220.
$nugt $dust $gdx $gdxj $jnug $jdst $gdxj Potential for more pain for miners before a powerful run up
$gdx $nugt $dust $gdxj $jdst $jnug bearish gart (xabcd) I'm bullish on gold long term but I don't like this. CAREFUL NOW
Gold breaks through strong support region, pushed down by positive macro news flow as predicted in my previous post. This completes the descending triangle pattern, was a reversal The support region marked could be changed based on more news flow, will be updated regularly. 1.) More positive earnings surprises will likely follow 2.) Positive trade news is more...
This was posted on my blog at gdxdaily.com last night, be sure to follow it to get notified first of any new trade ideas! The ideas will also be explained more in detail on the blog. Trade summary: Given recent macro updates I believe the short to medium term outlook for gold miners is starting to look bearish, this is due to multiple factors that will likely...
Gold and gold stocks breaking down as expected
$jnug $nugt $dust $gdxj Gold miners threaten Breakout