Goldtent TA Paradise

Edit: Chart with new moon, FOMC and price target added. Now lets see what happens…

and is heading into it’s next daily cycle low. Great call Norvast. His warnings prompted me to take profits,  look at downside scenarios and be prepared for this correction. Next question is how far we drop and how long it takes. Either way, it’s just fine to hang on – we’re heading beyond $1800 during the next move (in my view).

Just one possibility. Not sure if FOMC matters much anymore !

Just a quick chart update

Many of the bigger Uranium names have been moving 5%, 10%, 20% per day recently. I bought this one around a month ago, and it’s up about 100% since then. More importantly it’s just broken through the resistance line which goes all the way back to 2007. A weekly close above $13 will likely signal a continuation of these enormous gains in months ahead.

Those who follow Norvast on Twitter will know he’s suggesting a DCL (daily cycle low) is due, with a close below the 10 day moving average as confirmation. I also think a pullback is quite likely, although PM’s are very much in bull mode right now, and anything is possible. I’ve taken profits and am waiting to see how this plays out. I’ve got 3 gold charts here – differing time frames, to give a broad overview.

For now, at least. I’ve locked in recent profits, and will wait for the indicators to reset.

The first chart was one I posted last June – we’re getting some answers to my question now. The second chart gives a hint where GDX may be going this year…

HUI Gold Mining Index – These are the early days of the developing PM bull market. Already up well over 100% since 2016. Institutional money coming this way.

Those of you who follow me will know I’ve remained convinced for years that we’re in a young PM bull market, and I’ve posted literally thousands of charts to help you keep the faith. Well, this is the final part of the initial leg – a return to that $1800-$1900 zone. Looking at how far we are above the 12 month moving average, we should have enough in the tank to get to $1850. I’d like to see a spike to $1900, but it’s in that region where I’d urge caution. We’re likely (in my view) to have some kind of pause/consolidation (handle ?). I’m not sure yet, how long it might last, but it may well allow those who are nimble enough to exit and re-enter some of their positions.

A combination of distance from moving average (Patrick has some great charts on that), technical indicators and cycle timing will give us clues. Stay nimble and be ready.

It’s worth saying that buy on weakness and hold is going to work just fine – we have many more years to go in this bull and I believe we’re heading much, much higher this time around.

Some resistance around $1800, then the old highs…

Edit – GDX added

Edit 2 – Barrick Gold added – This is one of the leaders at the start of a PM bull market. Institutional money is now flowing into the sector. Strap yourself in

Approaching overhead resistance at the start of this cyclical PM bull market

Having cleared out my portfolio during the March madness, I took the opportunity to drastically reduce the number of positions I hold. I have 3 Uranium plays, currently up 12-25% in a few days, plus the following big names which have made these big jumps today…

Newmont +12%

Barrick +9%

Yamana  +8%

Kinross +7%

Americas Gold & Silver +7%

Agnico Eagle +6%

Franco Nevada +6%

Here’s the chart for Barrick to show just where we are now…

in the world of cryptos…

Gold is positioning itself to move above $1700 now

Edit (a few hours after the initial post)…

It could morph into something else of course, but at the moment it’s a bullish wedge…

Fission Uranium up over 40% today. Apparently supply and demand does matter after all – who would’ve guessed ? Cameco on the verge of a big breakout…

The first chart was one that I did ages ago. It panned out pretty well in hindsight.

Has the time come ? When it does it’s likely to be a once in a lifetime opportunity.

Edit – I should also say that a breakout above this wedge will signal enormous gain to come.

Bitcoin will have to show its hand within the next month. This is a very large pattern, building out over a very long time, so the resulting move has the potential to be enormous.

It’s been a wild ride. What next ?

That’s how far away we are from completing a technical chart pattern which clearly targets the old highs (to perfection). You’ve probably all seen this ‘head and shoulders’ pattern identified by others. This is just my version of it. As you can see the bottom of the pattern to the top is $200-$250 (depending whether you use the daily close or the end of the ‘wick’). A break above that neckline, projects to the old highs. Just like that…

Looks ready for a 30% move

Gold blinked and silver followed

On a different note – for anyone who is even slightly thinking Covid-19 is either fake, or not as bad as people say…

Lockdown measures will hopefully keep the global death toll in the hundreds of thousands. Without these measures they would be an order of magnitude higher (hundreds of millions).

A relative of mine has now died from Coronavirus (wifes uncle). we know of several who are ill with it and now my cousin is very ill after battling it for 2 weeks.

I have no reason to lie to you. Please believe me. This virus is terrifying. Many get mild symptoms, but some don’t. It’s Russian Roulette. Why would you want to play that game with yourself and everyone you come into contact with ? People with Covid-19 die terrified and alone. No family, no friends, no comfort, not even a proper funeral. Save lives and stay at home.

Everything is on the launchpad. Who will blink first ?