Gold prices are down to 1245 after hours. Historically, an after hours dip in gold prices will lead Gold Miners' Indexes JNUG NUGT GDX down. All three indexes were hitting top support at end of session on 6-28-2017. Sell immediately on open price, which will then plummet. Buy again near bottom of channel if gold prices stabilize. For JNUG that is around 19.00
Area I'm watching this week while we have a busy week (in terms of fundamentals I won't go into as I try to stick with TA/PA) for possible targets.
I know most people are leaning bearish on gold, and for good reason.But I'm not convinced yet. It will be interesting to see if the price gets wedged over heavy resistance by the uptrend line, or fall through. Whichever way it goes there should be some good momentum and trading opportunities.
Big picture view while trying to trade longer term.
If 1272 holds and gold climbs, I'll be watching 1307 area for possible reversal. If so, targets are marked. Good luck.
I am shorting gold here with JDST and DUST. I believe the move higher three days ago over the long term green trend line was a false breakout. It brought the longs in miners back into the market. I expect the trajectory of the overlaid gold candles to come in play. GOLD formed a double top pattern, which usually means a reversal. TSI and %R are overbought and due...
Gold was forming a ascending triangle & hit its target & now seems getting ready for a decline. However the Junior Miners have been almost opposite to that & now seems getting ready for an upward move. Moneyflow is very strong. WE think it has good upside potential from here. * Trade Criteria * Date First Found- June , 2017 Pattern/Why- Fallen angel type of...
This is a tough spot for me to possibly predict any directional movement. While I do think that Jnug will drop at the beginning of the week and probably touch the $16.80 level with the help from gold dropping, the Fed decision is weighing on me. Just about everywhere I read it says that the Fed will raise rates on Wednesday. If they do raise rates then I think...
Well gold finally broke through the 5 year resistance downtrend line. But what matters is how we close the day and if there is follow through tomorrow. If this drops back under 1290 and we start tanking, then I would bet this continues to drop hard. This could be a false breakout designed to get everyone to go long. Do you doubt the big money does not know...
Breaking out of the Bear channel since August, 2011. Time for the Bull.
Yes a big move is coming soon and I think that that big move is down. Last Fridays poor price action for Jnug is the writing on the wall. With such a strong break up for gold, Jnug should have behaved better than that if there was strength. So while I think gold will continue up towards the top of its wedge, I think Jnug may not perform that well. I wont guess...
The major down trend has converged with the short-term and intermediate trend. We've also built a basing formation and in a pennant consolidation pattern. I think we auction up to the major 38% fib and 50% of the trend.
I decided to start with the gold chart today. We have once again closed above the 50 week MA, which is the thick blue line. I am looking for price to move above 1264.75 to confirm that we are in a wave 5. If that is confirmed, probably overnight, then I am targeting that yellow box area for a top for gold. Then we should turn down with a vengeance. I am not...
We are now at a retracement of .618 of the drop from 1295 and nearing the top of the daily Ichimoku cloud. Bullish cloud could support the price but might only carry it to a lower high but I'll long the breakout if it pushes higher than the head. I'm watching the upper part of the cloud near .707 at 1272 to see if it pushes higher or turns south forming the right...
JNUG has successfully backtested the previous TL and is forming the handle of cup and handle pattern. I expect continuation around $2 (pre-split). That translates to $8 now. TP is $30 (previous TP was $27 so I still may take some there) Invalidate if previous TL is breached.
Potential Bullish Cypher pattern on XAUUSD with 1245 target for next week.
May 15: Miners continue their run up from the early May lows. Today opened at the 50 MA and turned down hard. But the bulls stepped back in to end the day nicely above the 5 MA. From here it needs it needs break through the 50 MA to head towards a couple gap fills above. On the downside it would be rather bearish to see this break todays low. One could possibly...
I think that we completed micro wave 3 and may have also completed a micro wave 4 today. I went ahead and, assuming that this was wave 3, I measured the price action from the start of wave 3 to the end. The I copy and pasted it and adjusted it to start from the bottom of what may be the bottom of wave 4. As you can see, if we get an equal price move for wave 5...