Goldtent TA Paradise

GDXJ : Fully’s Fearless Freediction

1. Nautilus says:

   October 28, 2020 - 6:06 pm at 6:06 pm

   I was hoping for a little more strength in the miners before the election in order to cushion the descent into a low, but didn’t get any.

   Those calling for a correction back to the 200 dma or even lower in gold and then some sort of moonshot on the next intermediate cycle are misguided IMO, at least based on history. Corrections of that magnitude in the past, like the one after the price spike in 2006, took over a year to recover the spike highs. I don’t see why it would be any different this time. This is one of the reasons I didn’t think gold would retest the 200 dma as it still had a large leg up left before a year long+ consolidation.

2. Nautilus says:

   October 28, 2020 - 6:21 pm at 6:21 pm

   Would love to see a gap down and then reversal tomorrow, and $gold stay above its September 24th low. It’s possible, although unlikely, that today or tomorrow will mark the daily cycle low in gold. I’m probably dreaming that the September 24th low holds at this point, but I still think there is some room for optimism that I won’t go into here.

   That being said, after a day like today, my bottom call could be history very soon.

   • Farmer says:

     October 28, 2020 - 8:53 pm at 8:53 pm

     No doubt gold will drop and backfill with bounces as it encourages traders to buy the dip. This guy won’t be doing that though. I have turned very bearish on gold as an outcome of todays move. By my method this breakdown was as serious as they come and we should now anticipate a trending directional decline. A minimum downside target of 1840 is coming then 1800 will follow. Likewise, the move up in US dollar futures was stellar and moments ago when I looked the hourly chart was still in full bull mode. So its building strength to meet or exceed the October 16th prior closing high of 93.88 (and soon). Should it take out the older high seen on Sept 28th then gold could see a rout. We all know that dollars and gold are not truly inverse one another but there are certaintly times that the inverse correlation is something that can be relied upon. This looks like one of those times.

3. silver fox says:

   October 29, 2020 - 12:11 am at 12:11 am

   Ah, Sir Fully. You have drawn in a breakdown on a SHS neckline, and a retest.
   You are anticipating – not a teddy bear, but a grizzly?