Hi All, miners hit my target box at 24.22. From my previous posts you can see I'm out and sitting in cash. I think the USD is gaining strength and this will push GOLD and the miners lower. It looks like a bear flag to me,(although short term we are oversold and prices may go higher for a while), I expect lower lows in GDX. I am looking for GOLD 1175 as the buy. Probably next week. TA we are below the 50ma, TSI is diverging lower,
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USD at support line from previous 2 major highs. I expect more upside, possible 101,50. Possible HS pattern forming.
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Miners could go either way from here. I expected the miners (GDX) to retrace 38.2% and that would be the buy. GOLD retraced 38.2% exactly and is now moving higher. Somehow GOLD is now out ahead of the miners. Usually its the miners that lead. Im going to take a starter position here. Miners don't seem to care that the USD is moving higher.
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Tomorrow will be moving day for the miners. If this is a bear flag it should break lower. Can you imagine getting JNUG for $7?
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I can't see anything bearish about Silver right now, so Gold retesting 1275 maybe not in the cards.
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Possible Bearish scenario with Gold
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1235 Gold still on track.
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If you sold JNUG at gold 1235 you caught the top. Look for gold to pullback to 1223 then reenter JNUG.
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GOLD is pulling back to the 200sma and 1215 area. Then miners will take off as the US Dollar will complete the right shoulder
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Possible H&S pattern forming in Gold, 1247 target. Bearish case 1215 still in play, have to see where it goes from here.
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NEW target, AB=CD playing out. 27
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19 days ago I predicted 101.50 as a right shoulder, we are there now. The left shoulder was at 102, so still possible. This will be very profitable in JNUG when the USD starts falling. Buying opportunity
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Gold breaking out of the bull flag overnight. This is very bullish miners will reach new highs soon. 1280 gold possible in the weeks ahead.
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Higher high here on the hourly chart. Low risk buy spot. Set stop at previous low. Could retrace to 38.2% but maybe not. This looks good here. IMHO
great come back story today . I think miners are going up. Thanks
bhsencer
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Hi,it seems we are at the top of the right shoulder or very close to it at DXY chart. Do you still think gold at 1223 is good entry for JNUG or wait for 1215? ....thanks
bhowe
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@bhsencer, Im watching DXY, expecting 101.50. Im not ready to buy JNUG right now. Stay tuned. 1219 is the 38.2% Fibo. We get at least there. I like the AB=CD to 1215.