SNIPER STRATEGY (new version)
It works ALMOST ON ANY CHART.
It produces Weak, Medium and Strong signals based on consisting elements.
NOT ALL TARGETS CAN BE ACHIEVED, let's make that clear.
TARGETS OR ENTRY PRICES ARE STRONG SUPPORT AND RESISTANCE LEVELS.
ENTRY PRICE BLACK COLOR
TARGETS GREEN COLOR
STOP LOSS RED COLOR
DO NOT USE THIS...
RSI above 50, MACD still with a positive upward slope, as well as a rising histogram. Runaway gap from Yesterday made with a big volume spike and wasn't tested nor covered. An eventual test of the gap would be an additional bullish confirmation, but depending on gold's price that may be skipped.
If there was any doubt that the gold miners are not about to start a new bull market, that doubt has been squashed by Berkshire Hathaway buying some Barrack Gold.
Before this news I was expecting the GDX to go as low as $32 in this corrective move, but the cats out the bag and I’m sure bigger players will start entering into this space in the coming weeks/months...
GDX like gold is looking to break out to the moon, but is that party going to be put on hold for now?
Both Gold and the GDX are showing some bearish divergence (shown in chart), they are moving higher in price on lower momentum. In fact most indexes are showing this, not just the gold market.
We are going to need a lot of rocket fuel to get to $47 for GDX and...
We can see from this chart that price is ready to drop!
It has hit a key level of support and bounced off, it has tested this area several times before going higher each time.
The last time this level was broken it was a freefall to the bottom.. The next time the drop may be even greater!!
Get the sell stops in!
Gold mining stocks have a reputation on promising to deliver big but failing (see 2009-2011).
I’ve been following the GDX since 2016 when I first started buying gold miners, and up until 2020, nothing really happened.
The miners were in a bear market for 8 years and could not breach the $30 resistance, until April 2020.
Does this signal the start of a new bull...
To be taken with a pinch of salt. The theory is relatively simple. When the VIX and Gold Silver ratios get so far out of the normal range, they tend to reverse but slowly over time. This usually leads to a bull run in the GDX and Silver prices if played out similiar to 2008. I would anticipate the Gold and Silver miners and Silver to be a buy in the coming months,...
The GDX ETF is about to break out. Initial target is the high 40 as this is the next resistance level. This also coincides with the 50% fibonacci retracement level. I would expect some consolidation following this target being met, eventually heading higher.
After months of choppy waters, finally bulls are emerging from beneath the woodwork right on time to position for 2020 flows. For all those tracking the current leg in Gold by now it should be crystal clear: