GDX
Gold Likely to Digest Gains HereThis is the August (front month) contract in #Gold Futures. A big move is coming as gold is testing the top end of this rising channel for 4th time since July 27th. Technicals favor consolidation in short term down to rising support, setting up new highs after $GLD $GDX $GDXJ
Silver to Money Supply Ratio (M2)Silver's closing in on its best week in 40 YEARS..Yet this chart suggests bull market in its very infancy. Macro fundamental signs pointing to colossal multi month/multi year up move in price.
!Copper Long Position Update from Signal Given Jul 6thAs the American dollar continues to devalue, I remain long gold , commodities , and all of the other things that should should be invested in during one of the first--and possibly worst--stagflationary economic transitions in history here in the United States.
Well done to all that took this trade with me! 💸
13:26:26 (UTC)
Fri Jul 31, 2020
Gold looks ready for a shallow retracementThe Gold chart shows a magnificent bull rally recently, and it stopped short just before 2000. The candlesticks indicate a possible stall, albeit temporary. The MACD is similarly pointing to a stall of sorts too. Given that Gold likes to rally hard and stall, it is likely to be retracing to about 1920-1940 area, before a last attempt to 2000 (or Intraday pop to 2000 for an anticipated double top).
System buy signal was triggered at1640 previously and it has been a good run. Real entry was upon triangle breakout marked by the white arrow. And previously projected movement plotted by the orange arrows, which clearly appear to be underestimating the extent of the rally.
Watch that Gap...
Silver - Here We GoThe price of Silver is set to make a run and like Gold, the macro fib extension is the road map.
The log scale weekly chart is a great way to illustrate just how far it could get. Looks to me if price can break out to all time highs, traders would target $88 and possibly $135.
GOLD ascending triangle$gld $gdx $nugt $dust $jdst $jnug $gdxj $slv $sil
I'm bullish on gold no matter what technical patterns are at play. This is an interesting pattern I've not spotted until the last few months. Looks like a legitimate ascending triangle and measured breakout. Will it break above and never look back or will it correct and land on top to test the triangle? Doesn't matter to me. Either you hold it or you don't.
How will it play outGold price action in 2007-2008 shows how the 1980 all time high was broken.
I've compressed the time scale, cause, lets face it, things are happening faster these days.
I'll be looking for a wedge pattern...
silver closer to the floor than the ceilingThe silver to gold ratio is telling a story worth listening to. It seems to be telling us that silver is still incredibly cheap compared to gold and is closer to the floor than the ceiling in terms of value when compared to gold.
GDXJ Possible Exit pointThere is a channel working right now. i´m tented to exit and enter, except if gold moves so wild that the top line of the channel is crossed by the candels.
!GDX, !SLV Trade Updates Holding both positions long from the entry given on back in June here on my tradingview.
It has begun...It appears the path has been chosen. Bears may have a chance at the primary trend, but bulls look very very strong. A new all time high is in the cards for the summer season. Technically it should arrive in about 6 weeks.
Sept 1st prediction
AXUUSD 1900
GDX 52
GDXJ 66
XAGUSD this wild beast has broken free today. Who knows where he will fly to...
Equities - Own What is Working! Pt. 5Please check out my blog post for the full details:
www.derzzycharts.com
Well GDX looks really healthy right now. There isn’t even a bearish divergence which means we can buy it right now if we wanted to! Remember to stick to your process whenever you are entering positions. So for now, we will leave XBI and QQQ alone, but buy GDX right now if we so please.
Happy Trading!
Brandon Anderson
brandon@derzzycharts.com
@derzzycharts
www.derzzycharts.com
Equities - Own What is Working! Pt. 4Please check out my blog post for the full details:
www.derzzycharts.com
Same exact deal, we have a bearish RSI divergence, so we have already taken a third of our position off, now we wait to see what happens next.
"Now we may be seeing a double RSI divergence coming up here, which is where we exit another third of our position. Very key to also think on the bullish side here and consider that the RSI could hit new highs, which discounts the bearish divergence. Very key to watch at these levels because we are either adding capital on the pullback or locking in gains if the double bearish divergence is confirmed."
What about GDX?
Equities - Own What is Working! Pt. 5
Happy Trading!
Brandon Anderson
brandon@derzzycharts.com
@derzzycharts
www.derzzycharts.com
Equities - Own What is Working! Pt. 3Please check out my blog post for the full details:
www.derzzycharts.com
Now we may be seeing a double RSI divergence coming up here, which is where we exit another third of our position. Very key to also think on the bullish side here and consider that the RSI could hit new highs, which discounts the bearish divergence. Very key to watch at these levels because we are either adding capital on the pullback or locking in gains if the double bearish divergence is confirmed. What about QQQ?
Equities - Own What is Working! Pt. 4
Happy Trading!
Brandon Anderson
brandon@derzzycharts.com
@derzzycharts
www.derzzycharts.com
Equities - Own What is Working! Pt. 2Check out my blog post for the full breakdown:
derzzycharts.com/blog-1/equities-own-what-is-working
Here we have XBI, GDX, and QQQ. The gains have been amazing already, so now we have to practice some patience. Honestly I am waiting for a pullback on some of these sectors before I buy them. Why? GDX looks the most promising, as it is the only one that doesn’t have a bearish divergence on the RSI. Remember bearish divergences are for taking profit, not for entering positions. Let’s have a look at XBI:
Equities - Own What is Working! Pt. 3
Happy Trading!
Brandon Anderson
brandon@derzzycharts.com
@derzzycharts
www.derzzycharts.com
