RSI is bullish. Mine construction is almost finished : 29 weeks to production.
PREPARE FOR AN INVERSE HEAD AND SHOULDERS PATTERN TO INITIATE A BULLISH CHAIN-REACTION AND HARMONY FOR THE JUNIOR GOLD MINERS. GOLD AND SILVER MINING HAS SET THE STAGE AND WE EXPECT SOME MASSIVE MOVES AHEAD... TRADE THE BREAKOUTS GDXJ AMEX:GDX FX_IDC:XAUUSD TVC:GOLD AMEX:JNUG AMEX:JDST "Patience comes to those who wait" -HandofGold
Long term I'm definitely a gold bug but I have warned repeatedly about near term risk (which I don't think has completely resolved if I'm honest). The market is euphoric but channels are now becoming apparent and lines are being drawn. It's very possible we have a small bounce in miners with the upper channel limits identified as well as some other possible...
EXPECTING JUNIOR GOLD AND SILVER MINERS TO CONTINUE RETRACEMENT. I WILL REMAIN SHOR HERE. LOOKING FOR A NEAR TERM CONVERGENCE OF TREND LINES AND FIB RETRACEMENT LEVELS. "PATIENCE COMES TO THOSE WHO WAIT" -THE HAND OF GOLD
LOOKS LIKE A FRIDAY AFTERNOON PULLBACK ON JNUG AND GDXJ.
Looking for initial target of $46.66 on AMEX:GDXJ AMEX:JNUG AMEX:JDST
Don't get me wrong, I love gold/precious metals and the miners but sometimes a little perspective is needed. The miners index is in nosebleed territory with 92% bullish and negative divergence on the RSI(5) and MACD. Then I started looking at DUST, an inverse ETF and a large bullish wedge is appearing.
New multi-month support at $32. GDX needs to stay above $32 for the rally to resume.
The combination of a shooting star (on an upward trend) combined with a red volume, signals a short-term reversal.
A strong breakout with high volumes, above the red resistance, would fuel up and resume the current rally.
PureGold's first production of its under-construction Red-Lake mine is expected for late 2020. Jeff Clark, a famous precious metals analyst, often quotes that empirical studies suggest that there is a 90% probability of a 90% stock-return during a mine's last year of construction.
Gold looks very bullish to me. Long, S/L 1666, target 1900 area While i think US indicies will drop below their previous low ~2200 i don't think Gold will follow but will make a new high instead. Should it be drawn down with the markets i buy on the way down. Miners are still a good buy in my opinion.
With the unemployment rate being announced later this week I have been keeping an eye on the gold markets for clues on a direction. Expectations are that unemployment will increase substantially from the last reported 4.4% to levels that haven't been seen since the 1930's. However, the price of gold hasn't really "outperformed" during the Covid-19 pandemic when...
GDX looks good : we have certainly seen the bottom here. Breakout was validated by the pullback confirmation. There is a huge potential here, based on the previous lows of march : Target Price of $50. Volumes are not very high, but they should pick up quickly, as investors have being buying the dips during the past weeks.
It looks like the tons of volume that entered the market on JNUG last week is the only thing keeping the price afloat. Overall the stock is bearish, dropping from over $100 to single digits. Short-term, it's getting ready to test the resistance (shown by the horizontal green line. We can see a bullish trend over the last few days, steadily making higher lows....
With gold breaking out a bunch lately this will surely follow it , especialy with a clean breakout of this 30-31 doller level .. easy breakout trade imo.