2 hours chart As my data changes, I will update posts and charts as early as possible. Is anyone not confident that we go up? I believe we had our bottom today and a nice reversal. Gold should follow soon. I believe that we are going to get some economic data in our favor either tomorrow, but most likely Friday, that will launch this thing. I am looking at...
I wasn't going to post another chart until Friday but after reading my update, it seems easier to follow along with what I am saying with the updated chart as well. Ignore the Pink arrows and boxes, that's just for me to keep an eye on. well price dipped below the major trendline today, signaling that sometime in the not too distant future it will drop below it....
Support Level 1316, next horizontal support 1308. Resistance 1338. Gold will need a catalyst to move it up. Possibly OCT 1 china is admitted into the IMF SDR basket. China entry could weaken the dollar. Next catalyst is a no hike for December. I can see gold reaching 1400 by the end of Dec if we get no hike at all this year.
Well the black trend line did not hold like I thought it would. Price also briefly dipped below the blue trend line. That is usually a signal that it will be broken in the near future. So it appears that jnug will continue down tomorrow. The two areas that it could bounce off of are $17.50 range and if that is broken then $16.67 range. But that looks to be...
SO, While researching DUST, I discovered a possible conflict for Jnug price targets. There is possibly another path, represented with the pick arrows and boxes. So here is my trading plan (subject to change as we proceed). I currently hold DUST, which I bought this morning (9/22) when I saw JNUG get rejected from the upper wedge. I plan on selling DUST,...
I see a dec no rate hike moving gold to 1380 to 1400, but looks like a consolidation might take place. Also dollar is gaining strenght
Miners have been a tough trade lately, especially for bulls like me that had become accustomed to shallow retraces. I'm treating this bounce as a corrective rally unless an impulsive move takes out HUI 286.05 strongly. Targets for yellow waves (3) through (5) will have to wait for confirmed completion of wave (2). White wave 3 of (3) could be expected to reach...
So I was bummed that gold took off after Japans non move. Oh well, Im still buying Jnug for the short ride up. Just a brief update today. I have slightly moved my arrows (price movement). I also included the Fuschia colored and black vertical lines to mark DCL approx. dates and the Black vertical line are what I believe is ICL bottoms. My Idea is that jnug...
well, well, well...Jnug closed at $17.35! Right smack dab near my price target area of around ($17.50). And the week before it closed almost perfectly in the price target as well. So just to update, I think that Jnug will bottom around the $16.20 on Moday or Tuesday. Then with no rate hike, we will get a small run for a couple to fours days. I am looking at least...
Since my spot gold chart is too cluttered to post, I thought this JNUG chart may be a better guide. I use mostly Cycle analysis, and to a lesser degree .... Technical Analysis for price guidance, Max Pain Expiration, Cot report Tuesday cutoff, and typical seasonal movements. Oh and lets not forget the dependency on the data on the economic calendar as well. As...
Miners are coiling up ready for a big movement. Coiling into a wedge with high volume. You can see a smaller version of this patter happened at the end of August. It was a bearish pattern then, and I think it is a bearish pattern again. Gold is going down and the Dollar is going up in anticipation of a rate hike. I have no position right now, but I am ready to...
Currently in trade. I went in too early... but holding
Gold is at its lowest horizontal support, if there is another pullback I see gold touching my trend line around (1294-1292).
Janet Yellen is set to speak this week Friday, market will be anticipating a rate hike for September. Her words will play a big factor on the direction of gold. Support level (1334), (1330), (1322), (1311), (1300). But I expect a delay in rate hike in Yellen speech. Very bullish on GOLD, look to set new high this year.
.... for a .67 ($67)/contract credit. This and $GDX are currently probably the highest implied volatility exchange-traded funds, so I'm just selling a little premium here without taking on the upside risk that doing a strangle would entail. That being said, I'm fairly sure I don't want to be put GDXJ at 45 (lower would be preferred for a long position), so I...
Extreme pessimism. If doesn't run here, more down coming
Franco Nevada reached the target box for wave (iii) of 3. Still looks like it needs OMH to complete the micro pattern. I'd like to see MACD make a new high as well, then negative divergence form on MACD into the wave 3 price high. My stop is indicated at 67.83. See other miner ideas for more discussion.
Silver Wheaton Corp is a fine example of MACD confirming the heart of a 3rd wave. Following my blue path in ideal fib pinball form. Notional path is laid out, but extensions are certainly possible. Consolidations have been relatively brief and shallow on the rise.