The RSI for the Bullish Percent index on the Gold Miners index reached below 10 suggesting a low is near (Tuesday close 3.32). An RSI close above 30 have proceeded $GDX rallies; Wednesday's close 36.30. $gold $gld $XAU
Gold tested $1269 early Tuesday before reversing higher and gold finished 5-waves down on the hourly - Tuesday was the 55-day Fibonacci step out from the 3/27 high and Wednesday was the 21-day Fibonacci step out from the 5/1 high - did we make a low? The GDX needs to lead us higher.
Looks to have a similar setup to the recent BTC breakout, just lagging. Should be an easy long. If you're bold, look into $NUGT.
We experienced heavy selling pressure on gold today once the head and shoulders pattern was confirmed at 1292 neckline . Will be going short at 1283 with a cross of the 20 and 50 period simple Moving averages. It’s also a match at the 618 Fibonacci retracement level. Looks like The 20 day moving average which is near 1255- 1256 will be a good place to cover
And one more idea for the extreme sport lovers. If you want to trade GDX but the normal leverage is not enough this is the adrenalin you need. NUGT printed 1000% gains in 2015-2016. Every intermediate bottom in the miners is a new chance to make great gains here again.
Beware! OANDA:XAUUSD TVC:GOLD AMEX:JNUG AMEX:GDXJ Recent confirmation of neckline on daily head and shoulders pattern indicating significant drop in gold is imminent. A breach of this neckline will invalidate the pattern and the sell opportunity. Sell gold here Target price to 1215
DUST looks ready to fly. Wouldn't be surprised if there is a small, short-term pull back, but I also wouldn't be surprised if DUST just starts shooting straight up. All depends on how quickly GOLD falls to 1220.
$nugt $dust $gdx $gdxj $jnug $jdst $gdxj Potential for more pain for miners before a powerful run up
$gdx $nugt $dust $gdxj $jdst $jnug bearish gart (xabcd) I'm bullish on gold long term but I don't like this. CAREFUL NOW
Gold breaks through strong support region, pushed down by positive macro news flow as predicted in my previous post. This completes the descending triangle pattern, was a reversal The support region marked could be changed based on more news flow, will be updated regularly. 1.) More positive earnings surprises will likely follow 2.) Positive trade news is more...
This was posted on my blog at gdxdaily.com last night, be sure to follow it to get notified first of any new trade ideas! The ideas will also be explained more in detail on the blog. Trade summary: Given recent macro updates I believe the short to medium term outlook for gold miners is starting to look bearish, this is due to multiple factors that will likely...
This is a continued trade based on my previous post. This was posted on my blog yesterday night We have a big week ahead of us with potential updates on several important political event, along with some important economic data being released throughout the week. The news that we should keep our eyes on are updates on the trade deal, and vote outcomes of the...
Gold falls as US dollar rises, accompanied by an across the curve rise in yields. Today’s macro news was relatively light with GDP data coming in slightly lower at 2.2% vs 2.4% expected, and initial jobless claims 211K vs 225K expected. There was a new piece of trade news indicating that China is willing to give the US more access to its domestic cloud-computing...
Gold and gold stocks breaking down as expected
$jnug $nugt $dust $gdxj Gold miners threaten Breakout
This last chart, a Monthly price chart, illustrating the Pennant/Flag formation in Gold should be the clearest example we can provide that Gold will soon break out to the upside and rally extensively higher if our research and analysis are correct. The momentum that has built up over the past 2+ years, as well as the global demand for Gold by central banks and by...