Looks as though the Gold to Silver Ratio has peaked just over 100 and the popular pairs trade of Long Gold and Short Silver has run its course.. Back Up We Go... See Chart for Details and Target Price. Should Bernie Sanders upset Biden tonight, it would justify a more explosive move to the upside. AMEX:JNUG AMEX:GDXJ AMEX:NUGT AMEX:GDX TVC:SILVER...
EARNINGS: ADBE (89/65) and ORCL (77/60) both announce earnings on Thursday after market close and have the metrics I look for in earnings-related volatility contraction plays (>70% rank; >50% 30-day implied). Pictured here: a short strangle paying 11.65 at the mid price camped out around the 16 delta. Its defined risk counterpart: the 265/275/395/405 ten-wide...
No mater how bad the news around you, look at the gold, it's NOT going for new high! stay away from it until it reach a 0.618 retracement area, about 1510 however, I expect it runs 3 months and end during Apr 2020. price level will be adjusted with the time frame.
3/1/20. GDX 4 hour charts I issued a warning on 2/23/20 of Risk v Reward. At the Friday low, GDX was down a bit more than 20% and NUGT was down a bit more than 50%. I FEEL for all those people who jumped in at the last leg and getting burned but that's how it usually out. Identifying Risk vs Reward and Resistance zone vs Support zone is important.
Short term Elliott wave view in GDX ETF suggests the rally from January 14, 2020 low in wave (3) has ended at 31.98 high. The cycle unfolded as a 5 waves impulse Elliott Wave structure. Up from January 14 low, wave ((i)) ended at 28.67 and pullback in wave ((ii)) ended at 27.92. The ETF resumed higher in wave ((iii)) which ended at 30.10. After that, wave ((iv))...
Overhead resistance for GDX is to be found at $35.50 and $39 Assuming that GDX reaches these levels over the next 2 to 4 weeks $NUGT could reach $53.50 and $64.80 respectively. GDX will open above $31 to $31.79 resistance which puts $NUGT at $42.0 to $42.70 Daily RSI will indicate a hold long.
EARNINGS: SQ (77/59) announces Wednesday after market close and has the volatility metrics I'm looking for out an earnings-related volatility contraction play -- implied in the 70th percentile or greater over the past 52-weeks and 30-day at or greater than 50%. Pictured here is an SQ April 17th 72.5/100 short strangle camped out around the 20 delta paying 3.55...
Just building up, the GDX Gold Miners, which were lagging Gold prices for a while, is now on the verge of a breakout... from a tilted Cup & Handle Pattern, as well as a Triangle. MACD and OBV are bullishly supportive, and momentum is strong. A breakout sets an upside target of 32.50. Enjoy the ride!
Gold is rallying very hard, and the GDX Gold miners ETF is lagging behind. It is only a matter of time before it catches up, and is already beginning that catch up journey. This morning, it is up 1.5% and launching off, after a higher low bounce off a support region (grey box). Technicals are supportive, as is correlation to Gold prices. The MACD crossed up after...
It is uncharacteristic for the miners to lag in this way, usually, it goes the other way around. The explanation is simply that the S&P is near all-time highs and has signaled repeatedly to short the gold mining companies and ETFs. GDX resistance in the $31 region is not likely to hold this time. Gold miners are seeing all-time record profits due to gold...
If you look at the previous gold rally from 2001 to 2011 you'll see a similar pattern of the 50DMA crossing below the 100DMA and then a few days/weeks later rising above it again and rallying to new highs. I believe this is what we're seeing right now. Gold is going to touch $1700 in the next rally, or get VERY close before correcting. Let's see how it plays out...
To me I am finally getting a buy signal on miners. GDXJ has been supported by the 50 sma and is getting a move higher. The upper trend line was crossed, BUT we didn't close above it yet. I do see a cross of the 8sma and 13ema which is a buy signal. I had a buy signal on AXU yesterday. Pretty close to lift off.
NASDAQ:RGLD is one of the leading stocks in gold mining industry. It started major rally earlier than majority of other miners last spring. And was one of the first stocks to caution that pullback is likely in AMEX:GDX in January 2020. Right now it sits right near major support level, and in bullish scenario this is constructive level from which new leg higher...
#Gold still looks strong to me. Price remains in early stages of 5th wave higher. Rising channel from the Aug '18 low remains in tact. Key levels I'm watching are 1540 to downside, which would test rising support & 1590 to upside. Break should kickstart next leg higher $GLD $GDX
GOLD - Daily chart forming a symmetrical triangle. In itself is 50/50 neutral regarding breakout direction. However, in the context of a secular bull market, likely to be a upward breakout, as the prior wedges, flags, triangles prior..
According to Bulkowski- 60% probability of downward breakout, 40% of upward breakout. As for downward breakout for a falling wedge, one of the worst performers, with 72% probability prices will retest breakout point (throwback). As for upward breakouts for falling wedges, far more likely to be fruitful with far better performance, according to Bulkowski.
Maybe lower, but the gap is the target. If it closes back over the trendline it's a long for sure! good luck