GDX - Miners are Ready to Rock and RollGDX - Miners are Ready to Rock and Roll
Keeping this short and simple
Daily/Weekly Set-up
Entry on Pre-market Gap-up or 32.25 double bottom if we drop (which i doubt)
1st Target = 38
2nd Target = 42
Hodl target = 45+
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This content is for informational, educational and entertainment purposes only. This is not in any way, shape or form financial or trading advice.
Good luck, happy trading and stay chill,
2degreez
GFI
Confluence abound, expecting a bounce-Daily 200 SMA/EMA
-Bottom of primary trend channel
-Fib 1.618 of lower Distribution (or Reaccumulation) phase
-2012-2013 triple top (previous bull market top if you discount the initial blow off top)
-Fib 1.272 extension of BC to AR Distribution (or Reaccumulation ) phase
-Supply zone at ~1800
-Lowest 4Hr RSI since Aug-2018 (Wyckoff spring and start of current bull market)
-Bottom of Fall season channel
-1800 nice round number
I'm expecting a bounce or a bottom here...
The wedge will break this weekI think it will pop higher. If it pops lower, then look to buy at the 2019 trend, which is also the D100ma.
The usual summer consolidation may end early this year (See DXY). This means that the bottom is already in. The next leg up has already started. However, the usual winter impulse move higher should still happen in late Nov or Dec.
JSE:GFI Gold Fields MarkupLarge investors have been buying Gold Stocks since 2016. We can see the progression of this accumulation in the Gold Fields charts (see posts below). With the recent fire sale which even affected gold stocks, they were buying even more. Gold was being sold to raise cash but if we look at the volume others were buying. Now volume has decreased but we see ease of movement to the upside. This is because investors are have bought up the available stock and there is little available pushing up the price. The markup is now in full swing.
JSE:GFI Gold Fields SpringJust like the other gold stocks Gold Fields has lost a lot of value in the last couple of days. But just like some of the other gold stocks it has held above the yearly pivot point and 200 Day SMA and formed a spring of the trading range. The volume increases during markups, it is stronger than the Top 40, there is divergence with the Volume RSI and a reversal bar has formed. Looking for the further markup of Gold Fields. We could see a test of the spring but should have a strong markup.
JSE:GFI Gold Fields Pushing for the BreakoutGold Fields has been undergoing re-accumulation (see posts below). After a pullback at the beginning of the year price is again pushing at the breakout level with some volume. There is further some signs of strength (SOS) on volume in the background. The relative strength is also turning higher.