DUST
GDX Long (2 days) then reversalGold Miners (GDX) is at the very bottom of a major channel and could rise up before reversing the trend by completing a H&S pattern. If TP # 1 is passes, $25.50 would be TP# 2.
Dollar Quick up after Diamond reversal, then drop to form H&Sthe Dollar looks to be in a diamond reversal pattern (120min) and will climb the 120/240min cloud before pulling back, possibly to the lower 94s and then continuing up. the three day and weekly waves are strong, making this only a short term pullback... this could form a H&S reversal pattern on the daily and the dollar will begin an uptrend that was stronger than the previous one we just experienced in May... helping to push Gold down (DUST time).
NUGTWith Gold correcting I can see a Bullish Bat pattern playing out. If the pattern fills, we can expect a low of $59 and then a 50% retracement higher to the $85 area or 44% gain. Wait for it to breach $59, then buy. Take the DUST trade now, IF you feel comfortable with the 3x.
$GDX Law of Angles says 5% risk for longs remains present$GDX appear to be going through another phase of bullish absorption of supply; however, in doing so violated the 2/1 Gann Angle. Law of Angle suggest that 3/1 angle support should be tested. This correlates with previously defined support 5% lower
Gold in Intermediate ViewXAUUSD has been in a bear market since it reached 1920.80. The bear cycle has the pattern WXY which it already finished wave W by reaching 1046.23. Luckily I didn't witness that period, I would had thought XAUUSD was going to moon before it collapsed :-\
XAUUSD is in X wave now, in a minor degree x which I set three targets for it as shown in the chart.
Best Wishes
#Gold Testing Support Near Term Bounce ExpectedGold is testing lower levels of support as market participants aim to price in a potential rate hike in June by the Federal Reserve.
While intraday price action is oversold, the daily chart is indicating further selling could continue to below $1,230. If a close below this key level occurs, traders can expect XAUUSD to reach $1,215.
Subscribers of MacroView's "Daily Grind" were alerted of the potential of a $30+ drop as seen here .
Key factors to watch:
The four-hour chart z-score is -2.4 (daily z-score is -2.57). This suggests that prices are stretched and a score +/- 2 makes a great contrarian indicator.
Intraday RSI and Stochastic are both suggesting oversold conditions.
Multiple EMA bearish convergence, currently a 50/200 EMA bearish crossover is probable.
MacroView expects to see demand between $1,215/20. It's important to keep and eye on the short end of the yield curve. With a relatively strong negative correlation with the two and five year yield maturity, if those continue to rise, we could see more pressure on the yellow metal.
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Also, readers are encouraged to post their thoughts and charts!
Time for a miners pullbackKey level in US dollar here...
GDX: Limited upside until first resistance level.
Longing JDST here without planned stop loss...
Miners are pretty overstretched with JNUG +800% over 4 months.
GDX test $28?I've been following GDX for a while. Bulls are trying to absorb supply again. If so it is very likely going to test longer term resistance likely established in 2014. I remain bullish above $23 buck
Gold Update..Time Approaching $GC_F $GLD $GDX $GDXJ $DUST $NUGT Gold is approaching "Market Structure" Time Is In.
Watch for panic flush into potential areas before the turn.
DXY Starts a New Bull CycleDXY just ended its bear cycle taking the shape of a running flat pattern.
GDX broke the trend line thanks to Fed rate increase in JuneGoing to test 50 day and then 200 day
Long $DUST
DUST (W)Please test this BATT pattern at give your feedback freely. I just want to see if I am missing any thing. I tested the Batt Pattern on DUST history, and when it comes, it worked perfectly.
The only way to know is to wait a couple of months and see.
$NUGT Long with huge pullback today. Several supporting trendlines that helped me determine that $NUGT will be bullish in the next two days.
Please comment on what you think!
GOLD UPDATE...$GC_F $GLD $GDX $GDXJ $DUST $NUGT $GOLD SI_F $SLV THIS IS AN UPDATE FROM THE LAST POST
GOLD IS FOLLOWING THE MODEL OF THE "PATH OF PRICE"
WATCH FOR LATE LATE MAY THROUGH MID JUNE...
BREAKING DECISVELY ABOVE 1335 NEGATES THESE PATTERNS
