Gold has been going through a corrective consolidation since it's run up to the 2000s which is normal. We are close to the bottom of the corrective channel, this is a good buying opportunity. Long position opened, Stops set at the bottom of the corrective channel.
Long term I'm definitely a gold bug but I have warned repeatedly about near term risk (which I don't think has completely resolved if I'm honest). The market is euphoric but channels are now becoming apparent and lines are being drawn. It's very possible we have a small bounce in miners with the upper channel limits identified as well as some other possible...
I stumbled on this using the Tradingview cycle pattern tool and it seems to be a valid cycle although I don't know how long this cycle of bottoms and tops will continue. The next one is set for Oct 8. The only problem is I can't figure out if the next cycle date will be a top or a bottom. I guessed on the last one and made a 8.5% profit using HGU (2x ETF for...
DXY - weekly, start position in metals. Gold and silver. Hitting resistance of $97.51, RSI was OB. $Nugt $hgu $slv watch for fomc coming up. They might turn hawkish with todays economic data. NFP jobs miss, but unemployment down to 3.8 % and hourly earnings up...Good luck!