Rising Wedge Formation. Bearish reversal - wait for retest or start scaling into a short gold position.
My take on XAUUSD for the near future. Currently at the 50% fib, maybe reach the 61.8% mark or move close to the trend line around $1260. Then short from there down to new lows. hopefully DUST and JDST will sky rocket then when the miners drop. The dollar will need to move to new highs hopefully due to uncertainty about Brexit and the effect on the Euro and the...
Bullish case • Recent Impulse move with EW rules still in tact • Huge rally on Friday 3rd June, right at the 61.8% • CoT recently favorable Bearish case • Still in Multi-year down trend • Divergence w/ Failed breakout, now in favour of primary trend • CoT currently favorable
Gold Miners (GDX) is at the very bottom of a major channel and could rise up before reversing the trend by completing a H&S pattern. If TP # 1 is passes, $25.50 would be TP# 2.
Gold retrace to bottom previous channel support. Then fall to blue support.
Key level in US dollar here... GDX: Limited upside until first resistance level. Longing JDST here without planned stop loss... Miners are pretty overstretched with JNUG +800% over 4 months.
You've got a lot more to prove longer term as you face a resistance storm ahead, you do realise? Yes, your trend breakout is in direct correlation with negative sentiment in the main indexes so don't get too excited yet. The big money is just using you as a hedge right now. Oh btw - Here's a study conducted by Thomas Bulkowski on trend breakout failure rates -...
Given the large gains seen over the last two days, there could be support in the cards for leveraged minor ETFs following profit taking. NUGT, Direxion Daily Gold Miners, is the 3x leverage of the Market Vectors Gold Miners ETF (GDX). Price action is heavily to the downside, reaching support at $9.11 – forming a triple-bottom on the two-hour chart. Price visited...
The 50 day simple moving average combined with the .618 retrace held as support...for now. Gold could bounce from here but if not 1200 would be a good entry point.
Pick a Side Red or Blue. I want to see the RED play out, but I think it will be the BLUE What do you think???
Just a simple chart showing FOMC results on SPY.
These are just my trend lines in the chart. take a look and make your own decisions.