This is a very asymmetric trade setup with nearly blue skies to 100 if it can catch some momentum in the coming sessions.
We also have a nice little fractal that shows us the path upward, should we break 49.
I would not front-run this one and would wait for 50+ daily close before a serious entry. With this level of confirmation in pocket, I'll be taking a rather...
We could see a continuation to the downside from here to 1620 area by the end of September, beginning October.
That would take GDXJ to 34$ or so and GDX to 28$
If you long, at least enjoy the music.
Setup is the same in both JNUG and GDXJ ---
Inflation fears and BTC being a crazy eyed old man --
Run to the GOLD play, as leveraged as you can get (unless you like GC, mwhahaha).
Enter Anywhere in that green box with stop just below.
10R worth the 50/50 shot
Technical Analysis: I am long the stock because I see price action has completed a corrective ABC pattern on the daily Chart. From here price action could develop a bullish counter trend.
Fundamentals: The company has commenced drilling at their High-grade Willoughby property. The Company is cashed up and IF! they hit bigly then share price pushes...
Double bottom price action on the GDXJ
Price of the double bottom also hitting S/R zone of the previous 4 year base break-out.
Does this indicate a reversal in the last 12 month pull-back and the start of a new break-out?
The metals have been stuck in a range for quite a while. Gold Miners ETF (GDX) appears to have made 5 waves up since the crash in 2020 and formed an ongoing complex correction. What do you think? Has GDX bottomed? Take note of the lower stoch/rsi wavetrend indicator and the broadening nature that has occurred since this correction. This looks like a hidden...
Miners may finally be at or near a medium term bottom. They were up nicely today while gold was down. Also the technical are good. They are at the primary trendline, and there is a bullish RSI divergence. There is major support around 31, but not sure it will get down there.
I'm looking for this support to hold and provide GDXJ with a 15% bump back up to the $51 region.
There's a clear invalidation level just under $43 to provide a tight stop-loss and 5.6 R/R ratio.
This trade could take anywhere from 2-6 weeks to play out. Be patient and let it come to you.
The idea with this trade is simple. Buy at support and Sell at resistance.
The Gold:SPX ratio has but in a double bottom on the monthly chart, indicating a likely short-term top in the US equities market and/or a re-test of the August 2020 highs for gold. If there is a broader market sell-off and deleveraging that brings all assets down a bit, that would be an excellent and extremely low-risk time to load up on quality gold and silver...
ODDS SAY THIS WEEK.
This part 2 to #005.
Here is part 1:
1. Miners already falling lower.
2. Short term bollingers are getting over-squeezed, essentially past due for the move.
3. Choose one, it should get to 1720s by 07/08.
4. May still spike $20...
The fun side of the arc in the junior miners is currently playing out. At the moment, we reside at the edge of the arc, which presents a very low risk high reward entry. Completion of the arc would indicate a gain of around 250% + overshoot, in an 18 months timeframe.
THIS IS FOR THE 98% THAT KEEPS GETTING BEAT (MYSELF INCLUDED).
I. WHAT'S WITH THE 48 HOURS STUFF?
I got carried away with short term projections, thinking I cracked some short term code. Do I still think it can be done? Yes, but applicable on risk/return basis just at very specific times when a number of things align including TIME AND ATTENTION. I just...
Gold saw a sharp sell-off last week due to comments made by Powell of interest hikes that may come sooner than expected. Since early June, gold is now down almost 8% in just this month. Nevertheless, price is holding some key technical levels. I still remain bullish on gold given the current environment of high inflation. The key levels to look out for are 1750 and 1675.