GDX
Jnug to Gold "final drop in bound"?I am expecting gold to move into its final drop and possibly bottom in February. Then we should get a very strong move up similar to the 2016 run. I do not see the start of the bull gold market. Just a large strong C wave up to above $1400.
And miners should also make a similar move as the 2016 run. GL
gold heating upbreaking out here on rising volume the past few months. Holding March 22C's $GLD $SLV $ABX
The NAKetship? Woah this is interestinganyone remember NAK? it's been just long enough for everyone to forget about it.
PAAS - A random IdeaDaily Formations allow for bigger moves. I'm interested in shorting on this backtest.
Also, my interpretation of what might happen. 90% chance it won't follow the path correctly, but I like to let the mind wander.
DBC - More Odd Charts - Commodity Drop Underway?Crude oil has been getting absolutely walloped for weeks now, having lost over a third of its value recently. Looking at the chart of USOIL I recently posted, it seems to me we are definitely primed for a bounce. The bounce will ultimately fail, but we’re really, really oversold at this point.
One thing I noticed is that the commodity ETF, symbol DBC, has actually cracked the channel which has been in place for years. Like I said above, I think oil will bounce, but I wouldn’t be surprised to see DBC hit resistance in the form of that now-broken channel.
DBC is the basket of commodities
Short GOLD (Fed day tomorrow)Gold is about to sell off that based on my indicator. Once it breaks, sell it to 1130 area.
"Two Corrections" - February and October 2018 "Two Corrections" - February and October 2018
Pattern symetry.
Long GDXJ (Alternative view from previous analysis)One week passed, GDXJ starting to form a bottoming signal (rising volume and bottom wick). With the equity market (SPY) so weak, gold may have the chance to breakout.
If GDXJ breaks above the triangle trend line, that will be a false breakdown. That we should expect a huge rally ~20-30% from current level.
The only risk is yield is about to explode, so if gold is negatively correlated to yield, this is unlikely to happen.
Trade plan: wait til the break above trendline to initiate long position. Otherwise, I am still short biased.
Long TBT (Short Treasuries and Long Rates)Daily TBT shows bull flag and seller exhaustion. Weekly bullish cloud ahead.
All major EMAs supporting the move higher, which means rates going to explode much higher. Bullish dollar $DXY and bearish gold $XAUUSD and miners $GDXJ $GDX
Short GDXJ (Gold miners)The big consolidation triangle broken this summer. It has retested the broken TL and failed.
My indicator retested the broken TL too and now its heading down. The next few weeks will be brutal for gold and miners.
Short TP: 16
GDX RectangleWhether we break up or down, I expect a move of about $4.82. High-side target of $30, low-side of $16.
Gold might be getting ready for another leg higherFrom my blog:
It looks we could see a correction in the US stocks too. We’ve been seeing it in other markets already. But don’t be mistaken, I think this could only be a correction within a secular bull market. I don’t want to be calling for a 2008 style crisis yet however it can always evolve into something bigger.
There is an interesting rotation happening right now though. Gold has been a mess in the past months and even years. Many were expecting it would start trending higher. I was one of them for some time but I’ve put that thesis aside until now. I’m starting to see reasons for joining the party! What if this correction in the US stocks will ignite it?
