Seeing a possible cypher pattern in GOLD 60 and 240 chart , X/D line matches up nicely with a trend line started off from the last rate hike.
As per my previous chart, I was expecting Gold to spike after the rate hike just as history shows. I also believe this won't stop here, this is the start of new leg up.
Gold at strong support of $1194, IMO great opportunity to load some
Watching 1209, watch for channel break; is short take a breather? Then let's see how deep it wants to go...
I almost didn't do a analysis this weekend because it seems pretty obvious to me now that Jnug is going up for the short term. Just look at the price action last week. Gold was falling but clearly Jnug was flat. I knew that it wanted to go up and towards the end of Friday afternoon, once spot gold turned around, Jnug flew. So what's next for Jnug? I think I...
First lower low is being established on hourly after more than two red weeks. daily close above $1208 will be the first good sign after more than two weeks of bleeding
Gold bounces here and returns tests 1280 & 1300. Gold won't break 1300 unless the drop gets stopped at 1260. Then we may see a break out in gold but I think it's unlikely.
The US Dollar is squeezing between the 50 and 200 sma on the 2hour chart. A break in either direction is possible. JNUG or DUST dependent.
Targets on chart. Two areas of entry. 1222 to 1217 pay attention closely. There is a good amount of sideways action recently as we come into news and/or rate hikes. So things might not be too clear or might change direction before higher targets, I've found. Volume might be low due to this too. Weak moves that don't make higher targets spell turn-a-rounds in...
We have a dragonfly doji in the daily chart (bullish signal) when price action bounced from a key support level (low 1220s) last Friday. In the 4 hrs chart it seems that we have a AB=CD pattern. Although we are kinda late to trade the pattern, it might be wise to keep an eye on important key points (i.e. price targets of the AB=CD pattern...38.2% and 61.8% AD leg...
Iv'e seen numerous charts over the past two days showing the solid blue trend line as shown here and indicating to traders that gold has broken to the downside. My feeling is that the trend line is more likely the dotted blue line and I would suggest that tend lines can be back-tested for a more accurate picture as I have done. With this in mind I would suggest...
JNUG missed an opportunity for a bullish Exponential Moving Average cross up over the past couple weeks. Felt horrible for anyone (...uh...guilty) who bought in the late Jan/early Feb thinking that insane movement was THE start of another wild bull run like 2016. I've improved my average to $9.40 by buying in the $6's. Using the Fibonacci Extension Tool on the Dec...
DXY here compared to USDJPY. Both will begin to make moves lower now and hopefully break through their resistance which will be bullish for PMs. If USDJPY can finally push down through 111.60 it would be a good indicator to go long on PMs, GDX, JNUG etc. The US Dollar will recover though and move up again to make its cyclical high probably to the 110 range but...
50DMA crossing up through 100DMA. First time in almost exactly 1 year. Angle of attack is pretty steep. I would love for this to mean a repeat of the 2016 PM/Miners story.
It seems if the channel line breaks 1234 -only support is 1198-1199 on daily. Trend seems like it's not in favour of Gold either. I would recommend waiting for a clean break with volume to confirm then short.
spot gold has not fallen off hardly at all and miners pulled back way too much. I see a fib and great comeback today to confirm buy where I think we'll head to at least test the 12.80-13 area and if this is a longer term upswing (which I think we are in as USD will fall and S&P may reach interim high today after Trumps speech).
Trend is fading and volume doesn't support higher prices. So far the channel is thinning as well. This is not fancy but a simply 1 day chart. What I have learned that trend and volume should never be overlooked. One can scalp up and down using the channel or short everytime it hit the upper channel line since more likely for a downside. Support seems to...
SO I bet many people were wondering WTF is up with the price of JNUG if gold broke out the last two days. Well the answer is that the cycle for miners is coming to an end and there is usually a little pullback during the bullish times and a huge drop during the bearish times. *(look at miners from 11/14 to 12/08 and see what the price action did compared to spot...