I know nothing of gold except what ZeroHedge tells me to think, but, boy, that's a lot of volume. Maybe time to ease in this or NUGT if you think an up trend is beginning.
Given the large gains seen over the last two days, there could be support in the cards for leveraged minor ETFs following profit taking. NUGT, Direxion Daily Gold Miners, is the 3x leverage of the Market Vectors Gold Miners ETF (GDX). Price action is heavily to the downside, reaching support at $9.11 – forming a triple-bottom on the two-hour chart. Price visited...
The 50 day simple moving average combined with the .618 retrace held as support...for now. Gold could bounce from here but if not 1200 would be a good entry point.
Pick a Side Red or Blue. I want to see the RED play out, but I think it will be the BLUE What do you think???
Just a simple chart showing FOMC results on SPY.
These are just my trend lines in the chart. take a look and make your own decisions.
Gold is battling the 100 day simple moving average and a downward trend line. Volume has been decreasing which may indicate this move up is tired. IF gold breaks 1225 with decent volume, then 1240 is a given and 1250 is resistance. 2 possible trades here. 1. gold breaks below 1200, easy short to 1180 OR 2. break of 1225, easy long to 1245ish.
The average time between DUST/NUGT crosses the last 2 times is 82 bars. If that happens near the average were looking at the end of January. I think NUGT has more downside first but I would like to see 1125-1150 hold for gold and 8-8.50 hold for NUGT before getting too excited.
PREDICTIVE ANALYSIS/FORECASTING: - TG-Lo = 1.49 - 17 DEC 2014: Low-Prob Attainment, High-Prob Reversal - TG-x = 0.83 - 17 DEC 2014: Extreme Target/Invalidation level if breached - Bearish Entrenchment: 21.16/23.08 range FIBONACCI: - 0.618-Fib retracement at 22.81 into bearish predictive model's entrenchment ELLIOTT WAVE: - Point-2 results from a...
PATTERN PROFILE: Bill Wolfe's Wolfe Waves Pattern - Completed Target = 1-4 Line ("Take-Profit" Line) Trigger = 2-4 Line R/S action/reaction SL = 1232.55 PREDICTIVE/FORECASTING MODEL: - Future R/S Levels: 1177.42 and 1165.85 - High-Prob Reversal: TG-1 = 1153.76 - 11 DEC 2014 INVALIDATION: BACA > 1232.55 ------------------------- Note: Recent analysis...
Friends, Last September 12th, a series of bullish targets were defined as follows: 1 - TG-1 = 32.97 - 12 SEP 2014 2 - TG-2 = 37.76 - 12 SEP 2014 3 - TG-Hi = 41.23 - 12 SEP 2014 and 4 - TG-x = 52.76 - 12 SEP 2014. (Source: See "$Gold Could Still Brush $Dust Off Bulls, Flat Out | #elliottwave - Link: ). At the time, the market was heavily favoring bears,...
Weekly close below 1181 brings 1097 then 1004 then 867 measured move target off of descending triangle consolidation pattern.
Likely that $113.20-50 zone and then 96.15-25 zone will be useful areas for bulls to lean against for a pivot. Based on dual fib confluences.
Juniors/Large producers ratio put a piercing line candle yesterday in the daily (not shown), right at the last weekly support/demand zone. If confirmed, might be a good signal that Gold has a chance to go higher like the last time it happened and fight the outside weekly reversal which is an ominous sign on its own. A close above 1,52 in the ratio will be good...