Guys – this is why you can never sit back and relax as a metals trader. At least me. I’m always looking for unseen risks, doubting my current thesis. Well I have another doubt today. I was bullish the last few days as Gold appeared to break out of a daily falling wedge. Now based on today’s action – bearish engulfing in miners ETFs – I’m wondering if that upper trendline on Gold’s falling wedge pattern needs to be adjusted upward. Miners’ action today seems to think so. Gold’s action today seems to show this as a possibility. And here’s what really pulls it all together for me. That would put the downside target on gold at 1250, right where that rising trendline is. We’d possibly see miner ETFs pullback a few % for a double bottom(more or less). Below $1255 would be the screaming buy, with a tight stop, in my new thesis.<\/p>\n
<\/p>\n Blue line = new trendline. Also works out on 4hr chart(not shown).<\/p>\n <\/p>\n <\/p>\n Time will tell. Stay nimble.<\/p>\n","protected":false},"excerpt":{"rendered":" Guys – this is why you can never sit back and relax as a metals trader. At least me. I’m always looking for unseen risks, doubting my current thesis. Well I have another doubt today. I was bullish the last … Continue reading ![\"\"](\"https:\/\/goldtadise.com\/wp-content\/uploads\/2017\/10\/gc-3.png\")
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