Loading ...Gold, GDX, GDXJ
Moment of Truth is here. Gold broke below its trendline and needs to recpature it quick.
GDX and GDXJ are near the lower trend line channels. It needs to break above resistance soon.
all in on a break higher. However, if the lower trendline breaks I will be taking some profits and wait for a better entry.
Low risk entry here with tight stops especially in GDX for whichever side you pick long or short
DadDoc, Great charts as always. Norvast has a Gold turn date on Tue/Wed where he expects a bounce out of a low.
Thank you Surf City. Being on the side of Norvast is usually the profitable one. Also SKI gold model is at a potential turning point here. These next several days are BIG.
By my model the SPX will fall for a few days 16-22 Aug then rise until around 02 Sep very bullishly.
Whether this fall (16-22 Aug) constitutes a weak DCL I will leave for the experts to decide.
SPX turn dates after that are likely to be 22 Aug LOW, 02 Sep HIGH, 08 Sep LOW, 27 Sep HIGH, 29 Sep LOW
I have 16-17 Aug as a potential turn date for gold.
Gold is getting seriously wedged at the moment and right now sitting tightly on the lower trend line.
It is worth noting that gold consolidated in a similar pattern during this stage in the second IC in 2009, before gradually moving higher.
The Swiss Franc is the lead currency (for gold) and has been contained withing an upward trend since late Nov 2015 while Surf City has reported on the long term fate of the USD (very important for gold & other commodities)
gdx has not failed its june utl
gld has