This is how I currently see the GDX. Like the chart I posted on gold I see the GDX likely in a long term triangle. At any rate it looks to me like it has recently finished a well defined channel down with a large volume spike at the bottom. Of course it could go down one more time to retouch the lower channel line but I favor it has begin a upward A-B-C perhaps to...
The 50 day simple moving average combined with the .618 retrace held as support...for now. Gold could bounce from here but if not 1200 would be a good entry point.
Gold is battling the 100 day simple moving average and a downward trend line. Volume has been decreasing which may indicate this move up is tired. IF gold breaks 1225 with decent volume, then 1240 is a given and 1250 is resistance. 2 possible trades here. 1. gold breaks below 1200, easy short to 1180 OR 2. break of 1225, easy long to 1245ish.
PREDICTIVE/FORECASTING TARGET:
High-Probility Reversal at:
- TG-Lo = 0.80821 - 22 DEC 2014 = Predictive/Forecasting Model
TECHNICAL SUPPORT:
- Target comes in alignment with a historical R/S level in WEEKLY chart
- Fibonacci-paced retracement at 0.382 provides close-approximation with overhead structure at 0.86591
CHART ACTIVITY CORRELATIONS:
GOLD:...
The average time between DUST/NUGT crosses the last 2 times is 82 bars. If that happens near the average were looking at the end of January. I think NUGT has more downside first but I would like to see 1125-1150 hold for gold and 8-8.50 hold for NUGT before getting too excited.
XAUUSD (GOLD) looks to be headed lower. I see nothing to change my opinion to $1200 gold. I agree there is a possible support point at $1240. We are very close now and gold could bounce. We are still in a downtrend lower highs and lows. You can see the AB=CD pattern (red) from March. Confimring a triple bottom to come at $1200. The $1200 target will also be the...
XAUUSD (Gold) may be setting into a 3 drive pattern. Also a triple bottom. All at the 61.8% retracement from the runup from 2008 to the high. Buy in at $1200, set your stop below 1163. If it goes below 1163 get out. Fingers crossed for GOLD here.
The title by itself is indicative of any possible trade, but it's more of an opinion than a trade opportunity, as probabilities here on an R/R basis, are not the best, which should be our only criteria.
As you can see in the attachments I was very positive and enter full long precious metal (jacked?) positions, on spot, futures,stocks and bullion more than two...
Miners working on a bullish engulfing week so far and a right shoulder against the metal.
If symmetry is any guide, hints that we will have maybe another month spend in this bottoming IH&S formation.
Cheers
P
Juniors/Large producers ratio put a piercing line candle yesterday in the daily (not shown), right at the last weekly support/demand zone.
If confirmed, might be a good signal that Gold has a chance to go higher like the last time it happened and fight the outside weekly reversal which is an ominous sign on its own.
A close above 1,52 in the ratio will be good...
