It broke above 50 SMA and out of the channel in the week of April 22, 2024. Made good progress but broke below the 50 SMA and further the higher low of the week June 03, 2024. It is forming a bullish megaphone. In the near term, $47 is expected by next earnings. Holding January 2026 $50 calls.
Note
Things are looking good for GOLD and miners. Last time MACD turned bullish/green on March 25th, 2024, it went 72% up.MACD is curling up. Similar move could take us to beyond $60. In the short term, golden picket between .5 and .618 FIB is the target.
Trade active
My LEAPS are doing well. But can we get to $47 by earnings?Note
Target reached but there is lot of steam in there. However there is a big supply zone at $60. Not sure if that level can be cleared in the near future. But, then I am getting mixed signals from the market as in "SOUTH Korea’s Mint has temporarily suspended sales of gold bars, adding to signs of widespread tightness across markets for physical precious metals." Let us see.Note
Correction supply zone at $50-$58Note
Excellent earnings. Is it too greedy to expect the gap fill at $57? It is at $49 after hours.Note
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.