Break below 1276 I might sit out for a bit, right now I think channel will hold, many miners have revisited prices from December when gold was $200 lower, the central banks gotta refill the vaults, they cant bankrupt the miners. Watch for a bounce near 1280-77 if within the next couple of days or higher if we consolidate in this range instead (preferred). We need...
Coincidence Top BB is aligned with long-term 23% Fib line? Week ended on the weekly 20MA. Bearish hammer but elevated off both trendlines. Truly could be a bordem shake out before a large run higher. Watching trendlines for support and Fibs for resistance.
Kind of thinking we might see gold get rejected at $1336 with some sideways action or a spike to $1353 and fall back down to $1306. Levels to watch, lets see how it plays out. $NUGT $JNUG $GDX $GDXJ $GLD
Looking like this will make a big move soon. My guess is with all the institutional ownership they wont want to see this under 5 dollars. The chart shows some interesting trending lines, tightening BB, and the latest week being contained between long-term support-resistance and a Fib level. Neutral at this point but things are heating up.