This is a tough spot for me to possibly predict any directional movement. While I do think that Jnug will drop at the beginning of the week and probably touch the $16.80 level with the help from gold dropping, the Fed decision is weighing on me. Just about everywhere I read it says that the Fed will raise rates on Wednesday. If they do raise rates then I think...
Well gold finally broke through the 5 year resistance downtrend line. But what matters is how we close the day and if there is follow through tomorrow. If this drops back under 1290 and we start tanking, then I would bet this continues to drop hard. This could be a false breakout designed to get everyone to go long. Do you doubt the big money does not know...
Breaking out of the Bear channel since August, 2011. Time for the Bull.
Yes a big move is coming soon and I think that that big move is down. Last Fridays poor price action for Jnug is the writing on the wall. With such a strong break up for gold, Jnug should have behaved better than that if there was strength. So while I think gold will continue up towards the top of its wedge, I think Jnug may not perform that well. I wont guess...
The major down trend has converged with the short-term and intermediate trend. We've also built a basing formation and in a pennant consolidation pattern. I think we auction up to the major 38% fib and 50% of the trend.
I decided to start with the gold chart today. We have once again closed above the 50 week MA, which is the thick blue line. I am looking for price to move above 1264.75 to confirm that we are in a wave 5. If that is confirmed, probably overnight, then I am targeting that yellow box area for a top for gold. Then we should turn down with a vengeance. I am not...
Compare this up movement to March. The first reversal in gold has the most impact on miners. Miners shoot up and then the first sign of weakness, they drop. Miners don't even touch the edge of the triangle until the second leg up. Miners will be sideways/sliding down until one last drop, then i think the rocket is ready for launch
It seems GDX is forming H&S. Sell the breakout. Cheers!
Potential Bullish Cypher pattern on XAUUSD with 1245 target for next week.
May 15: Miners continue their run up from the early May lows. Today opened at the 50 MA and turned down hard. But the bulls stepped back in to end the day nicely above the 5 MA. From here it needs it needs break through the 50 MA to head towards a couple gap fills above. On the downside it would be rather bearish to see this break todays low. One could possibly...
I think that we completed micro wave 3 and may have also completed a micro wave 4 today. I went ahead and, assuming that this was wave 3, I measured the price action from the start of wave 3 to the end. The I copy and pasted it and adjusted it to start from the bottom of what may be the bottom of wave 4. As you can see, if we get an equal price move for wave 5...
I think XAUUSD will test 1217-1219 again before heading back up. From there, depending how it reacts to resistance, maybe a Head and Shoulders or if we're lucky, a breakout.
Just like in March. History repeating itself while gold gets ready for another push up. In JDST for now, switching to JNUG if this plays out.
$20-ish for GDX, $29-ish for GDXJ, and then one hell of a blast off.
So I am having a hard time reading the Jnug chart right now. Aside from the extremely oversold RSI, the positive action today for Jnug, despite weakness in gold, suggests a pop may have begun today. But I thought maybe the regular gold chart might help me get a couple of ideas about Jnug price action in the short term. I am assuming that we are going to get a...
Another reversal at the long term downtrend line. lets see how low gold can go again before another upleg. exciting times!
Watching a possible Gartley formation with completion at 30.72. PTs and SL are in the chart.