Loading ...GDXJ
Here’s one of my charts today that prompted me to essentially liquidate everything this morning. I have a number of others that corroborate the basis of my trading decision. I’m not going to share every chart I rely on these days because I feel like I’m not doing myself any favors in that regard. I even bought a little DUST and JDST at the same time I sold longs which are now nicely profitable at the close. The weekly PM charts are still in good shape and what this suggests to me is that more consolidation may be needed before a sustainable breakout can occur. I had to protect profits which are almost obscene now and selling today saved me a bundle compared to where prices settled in at the close. I have my targets of where to start climbing back in long but I need to see how the chart structure evolves first. I’m neither bull nor bear…I simply trade what’s right in front of me.
Thx for posting. Rather ugly “breakout” with black candles and dojis on most daily miner charts as well.
Plus Savage wrote this on his blog today:
“Gold has rallied above two previous intermediate cycle tops and generated a right translated intermediate cycle. I have all the confirmations I need to call the bear over.”
The kiss of death….it looks like I sold my long shares to him today 😉
Lol.
He is just buckling under the pressure of everyone watching this thing run away. He either becomes a bull now or his subs leave him
Man, when I saw the stocks at the end of the day, I got a sick feeling in the pit of my stomach. Great action in the metals, sickly in the stocks. Not good. Fortunately still have a wad of cash with which to do damage…
Gold should top out on 09 Jun as the USD bottoms.
Gold will then fall into the FOMC Meeting 15 Jun
The FED will not raise interest rates so the USD will roll over and gold advance until early Jul
Similar to the 2009 model
mark, the formation you used was for gdxj–but gdx xau and hui all are diff than gdxj–they have broken out and are sustaining it–because their tlines are tilted down.
Gary claims to have hedged at the exact top then covered and bought at the exact low. (In contrast to one of his posts on June 3rd).
If Gary profited then he can afford to buy Plunger a burrito since he basically lost the bet!
I am totally fascinated by this chart…can’t stop staring at it and how much information it conveys….I’ve never seen a 30 minute chart used in this way…so thanks a million for posting it!