We have also retraced 50% from the march lows to the top
Gold Weekly uptrend is in a current consolidation cycle, hence the up and down movement on the Daily chart with no clear direction as of yet. As we zoom in intraday for multiple time frame analysis, you will see the 2 hour chart(left side) has found support at $1836 and the bands are constricting around the price action. Now with every great consolidation cycle,...
Price and rsi trends have hit the bottom channel. Should move up to the top now. Could also accumulate along the bottom trendline for a few days before moving to the top.
But its January. So watch out for breakout above trendlines...
We got some good news on the Stim bill today but it hasn't passed FR FR yet. The House and Senate will vote today on a roughly $900 billion pandemic relief package, with the White House saying President Donald Trump would sign it. The deal includes help for small businesses, the jobless and direct payments to most Americans. The bill that lawmakers will vote on...
Gold has entered the pivot zone. The hard metal is always a hold to me personally, but it helps to study the charts to get an idea of the algorithmic driving forces and other oddities. In this case, I couldn't help but see this Nov Nov Nov trend and the math behind the madness. The pattern suggests it'll be supportive. Watch it closely the next few weeks. We need...
-Daily 200 SMA/EMA -Bottom of primary trend channel -Fib 1.618 of lower Distribution (or Reaccumulation) phase -2012-2013 triple top (previous bull market top if you discount the initial blow off top) -Fib 1.272 extension of BC to AR Distribution (or Reaccumulation ) phase -Supply zone at ~1800 -Lowest 4Hr RSI since Aug-2018 (Wyckoff spring and start of current...
Bounced about 4% above the 200 day moving average. Then the usual merry xmas...
Strong horizontal pattern on JNUG with a possible 20% return.
And everybody knows what gold likes to do at the start of a new year. Current fall channel will collide with primary channel and 200 day moving average, sometime in mid December.
Gold is zooming. Why? The DXY. As we can see on the monthly DXY chart, the developing pattern parallels history. 1. It bounced off the 200 EMA 2. It broke trend, retested, and failed 3. It collapsed The RSI and MACD are weak What happened to Gold last time DXY collapsed? Trading Signals Buy Signal: Weekly RSI lows Sell Signal: Weekly RSI...
Top of current multi-week trend (major) .786 fib of current retracement (major) Rsi divergence (major) Double top? (major) Democrats win more than expected (major) .618 of previous multi-week trend(minor) .382 of 2016 fib (minor)
As long as the market doesn't crash. Because that will temporarily bring us out of trend.
$nugt $dust $gdxj $jnug $jdst $slv $gld Renko is not playable in published ideas so I'll update this chart. My last post got little attention and I've been warning people about a sudden drop in gold, silver, miners. We're setting up a new buying opportunity but how low does it go? I would like to see GDX between 28-32. Hold fast.
Miners have bottomed for the quarter and have already started their next leg up
I am wildly bullish on the miners and precious metals over the longer term but I suspect another corrective leg down. GDX has been forming a giant ascending wedge from 2013-2020 and just broke out of that pattern this year. The drop in March was just a small piece of that puzzle that flushed a lot of new & experienced traders out of the trade. I pointed out...