Hi All, miners hit my target box at 24.22. From my previous posts you can see I'm out and sitting in cash. I think the USD is gaining strength and this will push GOLD and the miners lower. It looks like a bear flag to me,(although short term we are oversold and prices may go higher for a while), I expect lower lows in GDX. I am looking for GOLD 1175 as the buy. Probably next week. TA we are below the 50ma, TSI is diverging lower,
Comment:
USD at support line from previous 2 major highs. I expect more upside, possible 101,50. Possible H$S pattern forming.
Comment:
Miners could go either way from here. I expected the miners (GDX) to retrace 38.2% and that would be the buy. GOLD retraced 38.2% exactly and is now moving higher. Somehow GOLD is now out ahead of the miners. Usually its the miners that lead. Im going to take a starter position here. Miners don't seem to care that the USD is moving higher.
Comment:
Tomorrow will be moving day for the miners. If this is a bear flag it should break lower. Can you imagine getting JNUG for $7?
Comment:
I can't see anything bearish about Silver right now, so Gold retesting 1275 maybe not in the cards.
Comment:
Possible Bearish scenario with Gold
Comment:
1235 Gold still on track.
Comment:
If you sold JNUG at gold 1235 you caught the top. Look for gold to pullback to 1223 then reenter JNUG.
Comment:
GOLD is pulling back to the 200sma and 1215 area. Then miners will take off as the US Dollar will complete the right shoulder
Comment:
Possible H&S pattern forming in Gold, 1247 target. Bearish case 1215 still in play, have to see where it goes from here.
Comment:
NEW target, AB=CD playing out. 27
Comment:
19 days ago I predicted 101.50 as a right shoulder, we are there now. The left shoulder was at 102, so still possible. This will be very profitable in JNUG when the USD starts falling. Buying opportunity
Comment:
Gold breaking out of the bull flag overnight. This is very bullish miners will reach new highs soon. 1280 gold possible in the weeks ahead.
Comment:
Higher high here on the hourly chart. Low risk buy spot. Set stop at previous low. Could retrace to 38.2% but maybe not. This looks good here. IMHO
Trade closed: stop reached:
Crazy market,
