It's important to step back from the 5min, 15min, hourly and daily charts and take a look at the bigger picture. Not a trade chart, just wanting to share. Open to thoughts.
Watching this range in this maybe of a flag pattern. Let's see how it continues to play out. So far, the bear sentiment hasn't made any real impact here. I'm holding longs from 1255, 1333, 1355, and 1366 looking so I can ride out the movements like today's pullback. Don't get trapped too early by buying the movement, buy the bottoms here. Ranging is funky so...
Bearish rising wedge formed. Now reaching apex, down move to 1330-1320 coming I think
The idea has a broader context, i still have to publish related ideas that makes me believe that gold has this final rally before a significative correction. Targets are shown at chart.
Exhausted GDX has broken its $25 support today in last minutes trading. Tomorrow on June 22 it will be trading down. $24.08 is the most likely target for tomorrow. We may break it on Friday if UK vote to remain in EU. Major miners I track gaped down today and behave much weaker than yesterday. Most of them painted inner bar today which most likely will be...
I use First Majestic (AG) as a bell weather for the metals, especially the silver miners. We've had a nice run, so far this year. And... it will continue, but with the Brexit vote coming up in two days, I expect a big fall off for silver and especially the miners, EITHER WAY the vote goes. Not that I'm exiting my AG or other mining stocks. But... I am...
GDX has exhausted its rally and ready to correct.
Patterns are in place for a retreat.... 3 drive into Market Structure... Above 1334 on a closing basis changes the pattern and decreases the odds.
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