True Bull markets in Gold are led by the miners, as spec money bids the sector and industry higher.
We know that Gold has outperformed and had magnificent strength to the upside however its counterparty GDX has lagged.
Seeing relative strength in Gold & relative weakness really emphasizes what were going through... a Liquidity crisis.
Gold is moving on fear...
XEMUSDT - NEM
SHORT - after crazy pump into the Fib 0.382 Retracement and
fall back under the key level while taking liquidity from the previous double top.
LONG - after a massive fall right into the intersection
between the middle of the downsloping channel and the new rising channel exactly at Fib 0.886 Retracement.
TP1 & TP2 secured letting rest ride.
XEMUSDT - NEM
SHORT - after crazy pump into the Fib 0.382 Retracement and
fall back under the key level while taking liquidity from the previous double top.
LONG after a massive fall right into the intersection
between the middle of the downsloping channel and the new rising channel exactly at Fib 0.886 Retracement.
TP1 & TP2 secured letting rest ride.
XEMUSDT(NEM) Daily timeframe range. its a pretty simple and clean chart. #0.0662 current resistance clearing out open a clear space till #0.0875. failing will lead it to #0.0474 or below.
Gold Miners have suffered, and this one has now capitulated in my opinion.
Yielding 5.6%+ and near a hefty demand level between 38-35, I'd expect a new uptrend in this one sooner rather than later.
(See pink circles in the longterm squeeze indicator chart, extremely eversold - second most since 1985)
after it lost $0.035 and ruined the butterfly harmonic pattern we must think about Gartley harmonic pattern in the 2nd wave. but descending waves have made a Cypher with 5 waves.
NEM follows the sine wave very well. Has tested support and currently Bollinger bands squeeze. When BB squeeze, you have a very hefty upthrust. About a 50% run into late January.
1. Trend is down over year and half
2. TTM Squeeze that usually bounces off opposite wall before reversing
3. Hitting resistance trendline repeatedly
4. Under 200ema
I could see this ultimately hitting 200ema, which I would dump everything into going short, but this spot is good for a short as well. Always keep more dry powder and don't blow your load in one go!
Prior area of congestion at 46.65 when cleared should give a good low volume rocket thrust up to the 50.84 area. If you didn't get this at the bottom you missed a good bargain.
$XEM currently is in a good accumulation range ~ $0.04 with a great profit potential.
Further downside is still possible but regardless it a great price to pick up some cheap $NEM.
Not financial advice.
Good luck!
The Bollinger Bands contracting inside the Keltner channel predicts an explosive move ahead that will last at least 8 days. Combine that with Newmont's Price Action creating a box which looks like it's breaking through. I would not be surprised if there was a retrace to the top of the box later today if action is aggressive, or Monday morning - then it's Sayonara...
Still no change in view, NEM went lower than expected but appears to still have long term support in place and resistance around $53 range. We should see a retracement back to $63.68 .5 fibonacci range in coming weeks/ months. Copper and Gold miners are way oversold and been taken out to the woodshed with an artificially inflated dollar on the backs of $33...
