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 H$S 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
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Crazy market,
