In this update we review the price action and options flow dynamics and identify the next high probability trading opportunity and the price objectives to target.
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.
#wpm #fsm MINERS LOOK GREAT!!! time to rock & roll
#NSRPF #NULGF #EXK #ASA #IAG
Weekly Forecast Topics: 00:00-02:42: Market sentiment, bond selling, lack of confidence in U.S. Gov. starting to show. Brief Summary of week 08. 02:43-06:18: Price Action forecast = targets. Stock's looking favorable and which one's to chose? 06:19-07:25: I'll answer questions, Share some of my own stock pick's etc. About Gold Next Week # A weekly 3-10-minute...
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With high conviction, I believe that Gold has more downside from here.
Ideally, a 1 to 1 ratio with wave A & C would be needed at the very least in order for me to get involved!
Real yields are the main driver of precious metals. Currently, the Fed is transitioning to a dovish stance while inflation is expected to remain above 2% over the coming 6 months, this is extremely positive for Gold.
We are completing the corrective Wave C to complete a triangle for Wave B. Upside target from there is $1,542.
Gold and gold stocks breaking down as expected
I continue to expect a move down to $14.75 before we continue the uptrend.
Markets are not linear, although I continue to be bullish Gold the risk is that we have one more move lower before the uptrend resumes.
Dollar index is testing its lower support channel and could have a strong bounce, which in turn would send precious metals tumbling. Gold miners are looking bearish on the daily chart and I expect a move lower this week. See more videos at www.TheTechnicalTraders.com
I have dipped my toes in Silver, I'm unsure whether a meaningful low is in place just yet, however, I did want to have a horse in the race.