It is difficult to see the handle, but it there. I consider it an accelerated form of a handle given the crazy volume and price action during the virus outbreak. If 2009 - 2011 are any clue, then bonds should start dropping with interest rates and inflation expectations rising. This should boost gold . Remember that we have had some massive blocks over the previous sessions.
There was a 7 million market buy block on April 7th for IAU , absolutely incredible. This has the juice to move the price to gold 200-300 points, which is in line with the measured move for a cup and handle formation.
Gold futures in the linked idea have already broken the highs, spot gold is a bit behind.
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If you look back to the peak of the financial meldown, in October 2008 everything got sold including bonds and gold. This is exactly what we had again in 2020. After that gold started gaining ahead of the ultimate stock market bottom in March 2009.
The March month candle for gold is a giant doji candle with high volume, we are at the highs of that now for spot gold, and above for futures.
Wondering if GDX will fail off the 5.9 million block that printed a few days ago. We haven't done much since. Gold continues to drop. We are getting huge GDX blocks.
5% crash on platinum. This is expected. Silver also had a huge dump today. I bought 3 platinum futures for October in anticipation that this is a general bottom for the metal.
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Head/Shoulders target struck, final target above at the AUG 2011 month close.
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Out of this trade until the FOMC next week, then back in probably. What a ride. Hits Year Camarilla R5, good place to exit.
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Parabolic S Wave finisher, this is exactly what I expected going into the finale to complete a move similar to the initial impulse in March. It is time to raise stops and keep them CLOSE, the selloff after a move like this will be sudden and vicious. I expect a 10% pullback in GDX when it happens.
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