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Preciousmetals

Gold snooked many... Previously mentioned that Gold was in a downtrend... and despite a December rally that started a lot of Gold-to-the-sky talk, I had doubts and hence, no update post as I was patiently observing. Friday proved my suspicion correct as Gold dropped well below the 1900 level after breaking above 1950 for a day. The Friday Gold drop wiped out the month of December's gains in a day. Big hint here. Nonetheless, one of the major reasons for being suspicious about the rally was that the Top 8 traders were obviously selling Gold, not buying. The bottom most panel (yellow line indicator chart) is the Top 8 Net positions. From May to June 2020, the Top 8 traders were accumulating already. And when the non-commercials started joining in the accumulation party, Gold prices took off. December 2020, the Gold rally was supported by retail and clearly, non-commercials (until Christmas). However, it is clearly observable that the Top 8 Traders were distributing instead. Over and above that, technicals show that Gold has a trend change, and needed to consolidate first. MACD was in bearish territory, and price just bounced off 1800 support and channel support despite that there was a large harami type candlestick pattern indicating a couple weeks of Gold rally in December. Well, that has ended... promptly. This week, we saw a break out of channel resistance, and then failure of that break out. Bad news... this typically suggest a breakout on the other side to follow. This can be targeted to be around Feb, at about 1650, if it were to plummet over the next few weeks. Probable at this point as the massive bearish engulfing (after channel breakout failure) is strongly suggesting... I expect to see some small bounce, followed by more of a dive in Gold over the next two to three weeks. Breaking down and out of the channel support represents good opportunities to look for a trend change (back to bull trend). Oh wait... there is a BRB system buy signal, which I intend to discretionarily ignore for now. Perhaps take into consideration IF there is a bounce off the 55EMA in about two weeks. Anyways... Do see my following post about the USD (and the GDX too). It spiked, and contributed to Gold dropping fast on Friday.
COMEX:GC1!
by Auguraltrader
Is Silver Breaking Down?In my opinion, we are experiencing one final shakeout of silver holders before the next big leg up. I'm still looking at this as a great place to add to my position and for new buyers to establish initial positions. Notice we are right at support (~$25.65) and I don't expect us to close below this level today. However, if we do close below, then all bets are off! Everything shared here is only my opinion and no results are guaranteed. Good luck! TVC:SILVER
TVC:SILVERLong
by jstrasburger
Swing Trade: Barrick Gold Corp.(GOLD) breakout setup 📈Hi fellows, just one of my today swingtrades: Nice setup for breakout . ------------------------Trade setup --------------------------- Entry: 24,80 Stop Loss: 23,83 Profit target: 27.73 Time stop: 5 days ------------------------------------------------------------------ If you like the idea, do not forget to support with a 👍 like and follow. Leave a comment that is helpful or encouraging. Let's master the markets together.
NYSE:GOLDLong
by Tomasgei
4
PAAS Consolidation Wave: Can the Upward Channel be Reclaimed? $PAAS was on fire until mid-October. It has since that point been sideways trading, albeit with a slightly downward channel to the consolidation wave. That is somewhat ominous, but it is equally as difficult to guess if $PAAS can (FULLY) reclaim the momentum it had earlier this calendar year. While this trader has taken on a position on the notion that it does happen, saying how long this might take in terms of a wait, is a total crapshoot. Of course, being wrong with timing is missing the entire boat: So this idea will be revisited as this position is held to keep consistent with the future path of Pan American Silver ($PAAS). The harmonics are both promising us and warning us, at once--and really how this C-Wave breaks is no better than a 50-50 guess. Honestly seems appropriate rather than force the notion that some kind of read on this chart is there, that is not. That said, cup and handles lead to breakouts 65-75 percent of the time, so if this COULD be categorized as that - that is a bullish indicator, of sorts. There is not much of a cup, but there certainly *Is* a handle. Yeah, that just sounds confusing doesn't it? The breakout could be substantial, while the reason this is a decent play is that the risk is already mostly assumed by entering at this nadir. Anything can happen, but there is enough strength in this stock to believe the bottom won't fall out any time real soon. GL if you need it; if not - GO THRIVE ANYWAY! -BDR
PLong
by BDRTrigger33
1
Silver - Don't rush into 2021 with precious metals!!FINALLY - Are you ready to conquer 2021? I want to start this post by saying 2020 was indeed a very difficult year for many including myself the changes were and are very difficult but there were a lot of trade opportunities and this will carry onto 2021. I have posted on our YouTube channel 2021 Yr outlook - If you're interested message or comment down below - A Link will be sent to you. Overall outlook for precious metals. There will be a pull back due on most of G10 FX Pairs, commodities & Precious metals . 2021 - Overall outlook 30-4O price for silver longer term view. Yes, I am bullish. Silver Daily: Key support areas: 1. 24.60 2. 23.30 3. 22.40 Key Resistance areas: 1. 26.70 2. 27.80 3. 28.50 2021 - There will be many exciting changes that will be implemented to Trade Journal. Private Trade Ideas will be now posted, uploading videos on our YouTube account and many more exciting steams on various social media platforms - Stay tuned! We are bringing you more content to boost your trades to the next level. If you'd like to grant access to all these updates, which are FREE - message us, comment down below, give us a like and we will be sure to contact you as soon possible!! Key Tip - follow your trade plan, execute wisely and don't get emotionally embedded into any trades you take ever. Lastly, I do want to wish you - Happy New Year! It's time for us all to have an exciting and very prosperous year ahead of trading! Best wishes, Trade Journal (TJ) Remember: Just trade idea, not a recommendation.
OANDA:XAGUSD
by Trade_Journal
8
SAND: Divergence->Left Turn at 50%?Currently -general downtrend, bottoming out on the daily lows (50% retrace)-notice the macd+rsi divergence against the general downtrend -look at previous divergences when macd+rsi travel in the opposite direction -flat lows, then reversal when macd+rsi diverge - GAP filled above 50% retrace of march lows and beginning of bull run. -~3 bounces around 50% retrace -no more gaps to fill from rapid accent in Spring 2020 -one gap to fill Also, where should i place fib and gaps: on the wick or candle? Also, divergence around the top... a bit of a stretch?
NYSE:SAND
by Uglybob
$PAAS Establishing Upward Trade Channel Despite Sputters $PAAS seems to be re-establishing its upward momentum despite resistance from the overall market. This trader has placed a long call on PAAS, as well as doubled down on the stock position during today's slight dip. Both could be 2+ week holds waiting for this trend to firm up and shake out some investors on the inevitable dips. We do seem to see the establishment of a new trade channel. Relative highs at 39/s are a long term target for the bounceback during this time. GL, etc -BDR
PLong
by BDRTrigger33