Goldtent TA Paradise
The Coal ETF has been rising strongly all thru 2016 Started with the Gold rally BUT never had a severe correction
Which is surprising and Interesting.
Now could be taking off again
Thanks to Sir Dennis for sending this
LOOK at the weekly…wow…How’s this for symmetry !
If that line is broken should be grate for Coal . The Trump strikes again ?
I’ve seen a 58% gain in a few weeks, so thought I’d share. Do your own due diligence of course.
Although action today is bullish for miners as we have a BO on the GDXJ-daily. Need to see the closing price. It toyed with the dMA200 and is (initially) rejected. As for shorts price need close below 37.80 to have any chance and today would be a FBO which definitely could be doubted at least for now intraday.
As for GDXJ-120 … it hit top rail which line is hot. Also note that last few days its was BT-ing the red thick line if by any this is the case.
As for JDST-15 … price action is deep negative but still within the flag.
Last … JDST-120. Today’s low should be the line in the sand for shorts eq. JDST. This low tag might give shorts a chance although thin.
Heads up for bulls … just showing the bear case.
$TNX is currently diverging from UUP/$USD, latter looks oversold IMO in the ST so balance of probabilities, provided $TNX continues to rally, is UUP/$USD rallies
with it, dragging gold & miners down somewhat.
Question is, will $TNX make a double top or new high? If former, PM bull still on in the ST, if latter, incipient PM bull is stillborn IMO.
MAYBE they will show up this Ramadan which starts on 27th of May for a month. By then the Dutch and French would be done with their elections. And, if gold rally fractals last year, gold sentiments should look steeply good.
Roxgold went up almost 100x from 2010-2012. This clearly shows how it is important to not only pick winners, but to hold on to these during the bull run, as it is always tempting to scale back when up strongly in the beginning of a run.
As Spock stated previously the most important is the sitting tight in a bull market.
Maybe a back test to support?
If it is risky to trade the breaks during a bull, why bother? Just let our profit run is most logical. But there were times last year that some of us found the good time to cash our chips and got in unexpectedly of a deeper retracement after $1250. Then calls for 3 digits filled the air. On hindsight, I should have clobber myself for missing the sell opportunity but it was about gauging sentiments that firedup our guts to double our core at 1130. Now we ride the bull and get off when the time is right, price will reverse. But, the trouble is next wave is 4 which should not be like wave 2 which we would have exit had we knew it was brutal. Now that it was so wave 4 would be mild, would it? Almost everyone talks about price objective. How about charting time objective for next correction or wave 4.
Last week Jan 15 this massive HnS was featured here for traders.
On news release of great grade discovery stock up 38%.
Cordoba Minerals Intersects 4,440 g/t Gold, 10.25% Copper, 24.7% Zinc and 347 g/t Silver Over 0.9 Meters in New Discovery.
According to rock value calculator this rock is valued at the highest any one have ever seen it. $5,381,714./ton
In addition to Graddhys excellent post on PM’s below – here’s how I see the HUI.
- RSI rising with plenty of room to rise further
- ma50 has crossed above ma200
- price is looking like it will soon close above the 50wma (212.56)
- MACD has crossed and has loads of room to rise
- Full STO in a bullish uptrend
Viewed from this perspective it looks like we’re now in the next leg up
It looks more and more to me that we are not getting a pull back here for $GOLD as I and many others were looking for. It looks to me like it is the $EURUSD / $XEU that is in a hurry moving up that is driving this move and that is probably why the $USD is not allowed to complete a larger and more normal sized right shoulder on my h&s.
What does this do for the miners? Well, there is no pull back coming there either as I see it. We can see on the chart for GDXJ below that we are once again above my main support line for the expanding falling wedge after having filled the gap just below it. My guess is that we do not move below this thicker support line again and that we climb from here.
I am looking for circa 1,085 on the $EURUSD below for the final stretch for this move, that is the first obvious resistance level on the chart below (purple). That would take it back above my, as I see it, very, very important now resistance line (black) which is the trend line for my 20 year channel.
Do note that the 20 year trend line is confirmed with a perfect BT so far.
Here are my latest posts on $USD and $EURUSD/$XEU, showing where we are and where we are going:
I see $GOLD going to 1240-1250 in this continued move, without pull back. And we have a thin zone coming up on GLD 2 h between circa 117,5-120,5, see below.
Fasten your seat belts. I think we will reach 1240-1250 quite fast here by the looks of it, maybe in two-three days.
Most his posts are on this one topic now . Not much trading stuff any more. he has an audience and now
a Platform .
Could NUGT have a FBO? Could NUGT have a BEAR flag?
DUST is finding support on the 60…
And if one zones in with the 15 minute NUGT chart, the TRIX has BEAR crossed with a negative divergence…
This chart can give us an “earlier signal” than the 60 minute, but is more prone to fake outs…
These are only possibilities not probabilities…
It is a rather small BO but a BO is a BO until otherwise is proven I have heard. It looks pretty decisive though even if it is not large. It looks the same on a line chart. Both $USD and USDU as seen below are showing the same thing. I thought I saw today that it was looking much weaker than I had expected. I had expected it to do a larger right shoulder and then BO. It can of course rip higher for a last dead roll move but for now, we have BO. A very, very important one.
We seem to have more confirmation now the day after. Investing.com is showing a more clear BO that SC and that it is BT today. Not saying that Investing is more accurate than SC, just saying that I am putting this in the confirmation file the way it looks now.
Since we seem to be posting this company externally now I thought I´d post my take here also.
As I see it, this very good company has now BO out of a massive cup & handle I have been following and will likely not pull back very much because of that. And as you can see on the chart, the thin zone coming up after a decent probable BT is rather nice.
Looking more than good.