Gold is oversold on the 4hr RSI chart. Gold Bears are out and about in full force still and are playing for some sort of imminent breakdown in the metal. There is still alot of interesting things happening in the gold market. Prominent Gold bulls are proclaiming a shortage in the physical metal and massive demand by eastern forces. Big things are afoot in the...
It's a normal linear scale chart which gives another impression of gold than the logarithmic charts I published yesterday. (See links below). The whole chart cant stay within the picture but push the "-" bottom to see the trend lines. Fits well in a channel. Seems like gold is hanging in there.... on a sting! I have looked at the EW count as an 5 wave down and...
The Junior Gold Minors GDXJ finished a wave 3 down on the daily chart. It has now completed an abc correction into wave 4. The MTPredictor indicators generated a TS2 automatic sell signal at 27.14 with a stop at 29.77. The initial target is 21.99 which is the minimum wave 5 target. If price does not hit 27.14 (the entry) and instead moves above 29.77 first,...
GDXJ is coming off an important low on the weekly chart. MTPredictor found this abc correction and generated a long TS3 Trade setup. The initial resistance/target can be the DP off of the b swing at 44 with the final target at 46.59. Obviously, today's FED meeting can be a game changer so be aware. I decided to sell puts here instead of take the trade...
Usually moves faster. If weekly swing, divergence with $GLD
Major price pivots added for more short term profits
Failed H&S pattern breakdown means the H&S WILL materialize itself in the near future bringing possibly 1.13. No more correction!!!
Notice how Gold is moving inversely from HUI -priced in small cap miners ETF- since Jan 2013. My view is it pays at the time being to be in well financed, little debt small company stocks. Ratio currently at the lower boundary of possible megaphone pattern, right below of the non confirmed yet H&S's neckline. All eyes in yellow box, wick tail of June 16th...
The title by itself is indicative of any possible trade, but it's more of an opinion than a trade opportunity, as probabilities here on an R/R basis, are not the best, which should be our only criteria. As you can see in the attachments I was very positive and enter full long precious metal (jacked?) positions, on spot, futures,stocks and bullion more than two...
I follow this closer than normal the last two months, as we are approaching one of good periods according to seasonal historical data, that usually price starts bottoming around June/July and rally late July to end of September. www.seasonal-charts.com This is the same chart posted a couple times before, but the rounded bottom I was hoping for starts to...
Likely that $113.20-50 zone and then 96.15-25 zone will be useful areas for bulls to lean against for a pivot. Based on dual fib confluences.
Used this chart to start short positions three times so far at 1,618 fib area, backed by bearish divergence. Bullish wick at 50 fib area is be aware of and evaluate positions and risk. Reverse bullish divergence might help a higher beta performance this coming week. Cheers and the best of luck Panos
This chart shows the year to date performance of gold vs gold stocks. We see that gold stocks of all kinds have outperformed gold itself. GDX is an ETF of larger, more established miners; GDXJ is an ETF is an ETF of junior miners. RGLD, SAND, and FNV are royalty stocks, which are basically firms that invest in other mines in exchange for a share of their output....
Miners working on a bullish engulfing week so far and a right shoulder against the metal. If symmetry is any guide, hints that we will have maybe another month spend in this bottoming IH&S formation. Cheers P