Goldtent TA Paradise

Miners In Danger Here

1. Alex33 says:

   March 11, 2020 - 2:14 pm at 2:14 pm

   If we assume that the GDX 20 level at $1275 gold was correctly valued, then at $1475 gold price we should have a gdx of 28, a GDX of 26 implies a gold price of $1450. Indeed something is not working here. Risk premiums increasing? Gold crash coming or cheap gold stocks getting cheaper?

2. Nautilus says:

   March 11, 2020 - 2:38 pm at 2:38 pm

   While I appreciate the caution that this provides, I think there is way too much emphasis being placed on conforming to arcs. It is always going to be possible to draw an arc in hindsight.

   The bigger picture still looks fine to me for GDX. It is once again testing its rising 50 WMA this week. In all likelihood it will make a low below the low from two weeks ago (which was an outside down candle, which strongly suggested this was in the cards). The 50 WMA and 200 WMA are bullishly aligned and rising.

   The weekly stochastics are not oversold yet, but should be hitting oversold next week. The 14 day RSI is also not that far from hitting oversold levels.

   I simply refuse to believe that this is going to play out like 2016, or 2008 for that matter. I personally believe the next two weeks will provide an extremely solid buying opportunity. A cautious contrarian should wait for a weekly swing low before getting long, however.

   • North says:

     March 11, 2020 - 2:55 pm at 2:55 pm

     Another couple of things I am noticing is that the volume on the PM stocks to day is low despite the sell off. Also, the accumulation patterns should be crashing but they are not. This would point to Nautilus’ scenario.

3. Silverhawk says:

   March 11, 2020 - 3:02 pm at 3:02 pm

   Ditto on Nautilus comment above. Your arcs have been sweet, but miners are so dang quirky it’s hard to discern the at times. The longer term view still seems to be an inverse head & shoulders that is sloppy an not symmetrical.

   https://www.screencast.com/t/lQxUZZEa9xT

4. Northstar says:

   March 11, 2020 - 3:16 pm at 3:16 pm

   Thanks for the comments. I just had a lightbulb moment and spotted the possible ‘handles’ forming.

5. LibertyPathfinder says:

   March 11, 2020 - 8:46 pm at 8:46 pm

   Is Plunger still holding to GDX 24?