Though the price has recovered a bit, we are still far away from announcing the end of the correction. In contrary, there is plenty of room left on the downside. In total, we expect the course to drop below $13.01.
The GDX was in close watch and it is time... Technicals are favourable for a bull run, and so is the broad equity market. Also had broken out of the Buy Zone!
GXC the China ETF is just about ripe based on technicals. Similarly, broad equity market drift should hold in supportm and the immediate gap should be closed for a run up.
Support at 37.21 was broken w/c 2nd August and then was retested w/c 31 August, and went down from there. A good example of support becoming resistance. Not good for the bulls and bearish for now. Also price is below the 200 EMA.
Gold is in wave 4 in the weekly time frame. Reform of US stocks increased the pressure on gold. Given the rigidity of a triangle such as wave B, one can expect the growth of gold to complete wave C of the triangle.
GDX... has been very disappointing of late, but patience is needed for this one.
Previously marked out bearish notes and downside target, plus Buy Zone. It is about there now, and looks to overshoot to the target nearer to 28.
Be patient... be ready too.
Q: What has the highest probability of occurring?
In 2021 gold has been rotating between $1900 and $1700 per ounce.
While a variety of classic patterns have either formed or attempted to form throughout the year there appears to be a broader attempt at a double bottom in 2021.
The double bottom, having recently tested and rejected 1700, would need to breakout...
This index is breaking down after showing bearish divergence and having a false bullish breakout on the Daily and Weekly.
Based off this and the weakness we're seeing in the commodities themselves i expect the prices of Precious metals to begin a new downtrend in the coming weeks and for the price of Thongs such as Wheat and Soy to have a major decline.
These two ETFs are of some interest as they have been beaten down rather hard of late. More downside risk prevail, but just markign out the potential buy zones to look out for over the next few weeks.
Let us see how this pans out...
XAU/USD – Weekly
What a week! $1670 held again as support during the Monday morning flash crash (which was most probably driven by a large liquidation). The weekly candle looks ugly but in terms of the range and support level I talked about last month there is not big change in the bigger picture. For the patient traders who work with limit orders it was a good...
Now they have achieved commercial production and in an environment of rising gold prices, the PUR stock price is looking to breakout of a downward pointing wedge technical pattern.
This is a good buying opportunity.
My 5-7 year outlook. Amazing fundamental and technical picture for precious metals and for the gold & silver mining companies. They are very undervalued relative to the underlying metals they mine and the fundamental picture gets better and better. They're growing cash flows and making very large margins of over 35% on average. Inflation is here and the Federal...
The GDX Gold Miners is one of my personal favourite, and I have had been following it closely over the last couple of years. Since August 2020, where 95% of position was cleared, there was hardly any sustainable long term rally, albeit the March to June 2021 rally that I actually missed. Since then, it pulled back, and is about to revisit the last major lows. This...
Iamgold Corporation is a Canadian company that owns and operates gold mines in Burkina Faso, Suriname and Canada.
Headquartered in Toronto, the company was founded in 1990 and went public on the Toronto Stock Exchange in 1996
with additional shares being listed on the New York Stock Exchange beginning in 2005
IAMGOLD is a mid-tier gold mining company operating...