𝗖𝗵𝗮𝗿𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗼𝗻𝘁𝗵: $GDX Monthly. What a Move! Major breakout! Look to buy dip as sentiment too high 📈
$GLD $GC_F $GDXJ $SI_F $SLV $ES_F $SPX $VIX $NQ_F $QQQ $NDX $SOX $IWM $TLT $TNX $DXY #Gold
Miners
Silver Makes 7-Year High, Gains +38% in July Silver has broken well above the long-term $20/oz resistance level that has capped price since 2013 and is now testing $25/oz which is a level not seen since 2013. Silver opened July at $18.20/oz and is currently at $25.15/oz for a +38% monthly gain going into August. While gold is making new all-time highs per-ounce above previous highs set back in 2011, silver is still well below its 2011 average of $35/oz and the 2011 all-time high of $49.83/oz, which is the level silver should be close to testing now if it had been keepig up with gold price this year. The current monthly price candle for silver is yellow which indicates that silver is experiencing bullish momentum volatility, or extreme trader optimism behind price.
The Relative Strength Index(RSI) shows the green RSI line rising above the purple signal line which indicates short-term bullish momentum on a monthly basis. The green RSI line is also above the 50 level which is the midpoint of the total RSI range(0-100). In general, price is considered to have bullish momentum when the RSI is above 50 and bearish momentum when below 50. In general during an uptrend, you want to see both the green RSI line and purple signal line both rising and trending above the 50 level. The purple signal line is just below 50, but it is slower to react to short-term price movement than the green RSI line but it should begin to drift up and above 50 after this months record month for silver price.
The Price Percent Oscillator(PPO) shows the green PPO line rising above the purple signal line, and both lines are trending above the 0 level. When the green PPO line is rising above the purple signal line it indictes short-term bullish momentum behind price. When both lines are trending above the 0 level it indicates bullish momentum behind price in the intermediate-term.
The Average Directional Index(ADX) shows the green directional movement line above the purple directional movement line which indicates a short-term postive trend hind price. When the green directional line is above the purple directional line it is considered bullish for price trend, while the purple directional line above the green directional line is considered bearish for price trend. The histogram behind the two directional lines represents trend strength. When the histogram is green and rising it indicates increasing strength in an uptrend. When the histogram is purple and rising it indicates increasing downtrend strength. For now the ADX reading is showing a shift to a bull trend in price with the green directional line above the purple, but due to the swiftness of the move in price it has yet to reflect in the histogram which should begin rising soon.
Overall, the view on silver remains bullish with the opinion that silver will outperform gold during the current bull market that is taking form. Silver had severely lagged gold this year in price gains until this past week and is now rushing to make up for lost time.
Current holdings remain to be: GPL, HL, EXK, AG, KGC, MUX, CDE, NGD, GDXJ, GDX and physical silver.
AUY Rising Wedge (Bearish) with Neg div in PPO and VolumeAUY Rising Wedge (Bearish) with Negative divergence in Momentum (PPO) and Volume.
Metals are on fire now with gold breaking inching towards all time highs.
I have no long or short position at the time of posing this but watching it.
Pattern breakout on MUX Simple.
Falling wedge breakout and break up of 12 year old S/R line.
Chart tends to move impulsively to the upside upon breaking up the 1.04 horizontal level as done in 2008 and late 2015.
Target of 1.85 derived from falling wedge pattern
SIL looks to hit around 43.4 from hereADX over 25, and the price seems to be breaking out of trendline on the weekly chart. (Note that I am displaying the daily chart)
Small trade on RVN, good supportRVN is one of the best criptos for small miners at the moment, paying them (me as well) better hashrates then ever.
Now it´s a good opportunity to buy and hold the coin, buy on the Orange and Red support lines for a possible short term 24% profit or hold it for the future and who knows where can it go.
RocketshipThis microcap mining ETF is clearly on fire. I'm late to the party but I think I'm getting in. Most of its big holdings are small miners that are on foreign exchanges. It's a good time to be in gold anyhow.
WPM Wheaton Precious Metals - Long Set-upWPM Wheaton Precious Metals
ENTRY = 618 Support/36-40
HODL Target = 47+
Daily Engulfing Candle, Stoch, Macd, ttmsqueeze & momo set-up
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This content is for informational and educational purposes only. This is not in any way, shape or form financial or trading advice.
Good luck, happy trading and stay chill,
2degreez
Harfang Exploration - nice chart -- what you think? -- -- (:-))It is about precious metals
it is about exploration
it is about scientific method and leadership in Quebec mining industry, with geologues they have a good idea exactly where to find the "stuff".
But technically I feel the chart is very good, looks strong eventually with upsing in the sector
near term target: ---------->>>>>> 0.425 $
longer term target: Who knows ?
Brothers in soul, I would be delighted to read your thoughtful comments. What do you think about this one ?
I keep some share.
SILVER XAGUSD Long ideaSilver XAGUSD is at the upper area of the consolidation box. A move higher would be awesome for us.
LONG Eastmain ResourcesResumes Exploration on High-Priority Targets after COVID-19
Possible 50 bagger
looks like it bottomed
LONG Aurion ResourcesLooks like it soon wants to break out if gold permits
Explorer holding largest land package in Finland (low geopolitical risk)
GDX Clearly broken out - Targeting 46As shown in the daily GDX chart, the turquoise trend lines mark the support resistance trend lines, as well as show a standard flag pattern. Previous upside target in 2019 was 36, it now is upgraded to 46, based on chart pattern and Fibonacci projections.
Recent price action saw a gap above the trend line resistance, and consolidation before yet another gap up (over a minor parallel trend line resistance).
Also observed that MACD is supportive with a break up cross into the bullish territory, and a break above the MACD trend line at about the same time.
Bullish, target 46, around mid-August 2020.
Gold Sets Fourth Highest Weekly CloseGold closed at $1,780.3/oz this week which is the fourth highest weekly closing price in history. The highest weekly closing price was $1,876/oz set in August 2011 and the second highest weekly close was $1,788/oz set in November of 2011. The third highest weekly close was $1,780.8/oz in October 2012 which is jut .50c above where gold closed this week.
If gold holds above $1,773/oz through the end of this month then June 2020 will mark the second highest monthly closing price in history, with the all-time monthly high being set back in August 2011 at $1,831/oz.
Outlook on gold remains bullish with the expectation that price makes a new all-time high this year above $1,923/oz which was set in September 2011.
Gold Miners Looking to Confirm the Bullish BreakoutGDX has broken out of multi-year triangle that formed a solid base since 2015. If gold continues marching towards all time highs, I think GDX can hold the breakout here. Perhaps it will cool off for a couple weeks after the rapid rise, but then I'm looking for the move to low $40's on the way to $60+
Positions:
GDX 1/15/21 40c
GDX shares
Reassess if falls back into the triangle (convincingly <$30)
BTC BULLISH OR BEARISHWill the same happen on 'Black Thursday' with the #BTC price drop when the big pools withdrew + 6k BTC and pushed the price down to -50% ?. .
March 12 ---- »- 50%
May 25 ------ »- 10%
Jun 23 -------- »- 4.75% 'for now'
Source: @CryptoQuant
GDX : HEDGE FOR MARKET UNCERTAINTIESGDX is a fund that invests at least 80% of its total assets in common stocks and depositary receipts of companies involved in the gold mining industry. Miners have lagged actual Gold prices (XAUUSD) potentially due to operational risks affected by COVID19. The chart now looks set-up for a move higher to catch up with gold spot price as it breaks out from consolidation.
In times of an extended market and uncertainties, it's never a bad idea to hedge positions with exposure in gold to be well-prepared when the market turns.
