Pulled back logically from re resistance. Blue support is critical, if broken door is open to $14. A breakout may take it to $24 level.
For the big picture of gold, look at the monthly time frame. What is the story that the monthly chart is telling us? It is showing us that Gold has FAILED to make a new low after bottoming back in November at 109.67: December, January, February, March, April all failed to push new price lows and that is a sign that the sellers are not only extremely patient,...
GDX continues to strengthen off a 6-week rising trendline, signaling further upside. Bulls break through 20.23 (April 16, 2015 range high) to extend gains towards 21.48 (February 27, 2015 high) near the 200 day moving average. Clearing the latter would accelerate the rally to open 23.22 (January 21, 2015 YTD high). The 19.31 support area (April 22, 2015 low) near...
Somehow, I don't know how, there are ten folks who want to follow my ideas. I thank you for being interested. I just love charting and hopefully my thoughts will be helpful to you in the way you trade. Here is a update on GDX (nugt). It corrected down to b more than I thought it would. Interesting to me is that even though there was a negative reversal in the ...
Lately I’ve been hearing the word deflation everywhere, in the financial media, mainstream media, local tv stations and newspapers. It seems that deflation has entered the mainstream and even the proverbial shoe shine boy is talking about it. To me it looks like there’s a trade in there somewhere. To avoid basing a trade solely on anecdotal evidence and my...
All looks good. Expect some resistance at purple lines (around $20) next week.
It is near the red support line right now, and if the red support can hold a bounce to $20.8 is likely ($3, or a 15% + potential gain). If not, we will know it really soon and thus the loss can be limited. On the macro front, dollar is retreating from 100 level and the market has already priced in "patient" removal from the Fed meeting. All in all, GDX is...
Lost 2 important supports (blue line and blue channel), and the red support may come into play in coming days. Before today's gap down, yesterday was a warning day because of the breach of the blue channel. But admittedly, it was deceptive as if the blue support line may hold. If red support can hold, it may test the pink resistance. Otherwise "bear's flag"...
This is how I currently see the GDX. Like the chart I posted on gold I see the GDX likely in a long term triangle. At any rate it looks to me like it has recently finished a well defined channel down with a large volume spike at the bottom. Of course it could go down one more time to retouch the lower channel line but I favor it has begin a upward A-B-C perhaps to...
Bounced back nicely from double blue support, and now above 10 day MA and RSI shows strength. MACD has some catch up to do. Resistance at pink is expected and may retest lower blue channel. If ever the pink resistance is cleared, it has a good chance to rise to $26 region.
$GDXJ has shown signs of accumulation since Q3 2014. See Excess Demand/Supply signals. It appears $GDXJ is getting ready to outperform $GDX Gold Miners etf (see chart shown below). $GC Gold futures also have shown accumulation. I am planning to leg in to the Juniors. To reduce risk I prefer to invest long in the Gold Miner etf's.
Gold ready to bouce. Target up $100-130 over next month.
Many damages today - closed below red and pink support lines, below 10 day MA. RSI trend broke, nagative MACD.
Short term weakness is expected (see RSI channel resistance). I would not be surprised if it retraces to 0.382 Fib level. Also expect bounce on lower bound of the RSI channel is hit in coming day. The main trend is still up (see weekly chart).
Gold is oversold on the 4hr RSI chart. Gold Bears are out and about in full force still and are playing for some sort of imminent breakdown in the metal. There is still alot of interesting things happening in the gold market. Prominent Gold bulls are proclaiming a shortage in the physical metal and massive demand by eastern forces. Big things are afoot in the...
It's a normal linear scale chart which gives another impression of gold than the logarithmic charts I published yesterday. (See links below). The whole chart cant stay within the picture but push the "-" bottom to see the trend lines. Fits well in a channel. Seems like gold is hanging in there.... on a sting! I have looked at the EW count as an 5 wave down and...