LIFE GOES ON, no matter what the market does.
Today we see the true fall out from the FOMC rate hike yesterday. The true direction is set as the big institutions start to reposition post the news & before the weekend.
After New Mexico purchase and current PM market movement, there is no downside here. Possibly some pressure from paper being unloaded onto the market but I have to assume that the share price + gold momentum will move the cheap stuff quickly and the impact will be minimal. The greater question is....who is going to buy it. BTO said no thanks less than a year ago....
In a series of ascending wedges...green line represents the long average. I think we hit the end of the current triangle and with no gold news, continue in this .225 - .27 range. If gold gains some traction, along with the recent deal with backing from Palisades (that the market seems to have mixed feelings about), we could see GG pushing back into the .32 range....
After that dump, then dead cat bounce (price retraced back to the 50%) the new resistance level has been created. The price will most likely steadily go up trend until it meets that resistance.
- If it manages to break through the zone of confluence then expect an attempt for the support to be built at that price range
- If it gets rejected at...
Continuing my previously mentioned strategy i will give u a great trade with the US STOCKS (GDX sector) GG and NEM. If my arbitrage stats analysis is right than for every 10 shares bought of GG stock u should sell 4 shares of NEM stock till the formula GG (daily close price) - NEM (daily close price)*0.4 = -0.9. At this point of time this formula equals to -1.88
keep in simple.
we have fallen below volume average price, which is a great time to enter. With a long correction, comes a bottom.
This may be a long opportunity, and with our market still due a harder crash then last year, this may be the perfect storm.
We are retesting the last level below as I type this. I have a position long myself @10.15