GDXJ is going to break one way or the other pretty soon. It's in a Diamond, which is a consolidation pattern, usually thought to have no bias between trend continuation…
The daily charts of HUI, GDX and GDXJ below show pullback support zones as the (mini or maxi) reaction from over bought status takes hold. As noted, HUI 140 is…
Yesterday we noted the end of day melt up as shorts scattered out of the way of a steamroller. That was a 3 min. micro chart. Here is a 30…
Say, do you want to see what short covering into a market close looks like? It looks like this... It was fairly hilarious watching the streaming quote screen start blinking…
Yesterday we showed the ETF charts that were at bounce points (if they were going to bounce). Today GDX and GDXJ are up around 4%. I grudgingly added a couple…
We noted in NFTRH 336 that these ETFs had short-term support levels lower than where the prices stood as of the end of last week. Today they reside at those…
I wanted to give you the latest snapshot of the precious metals as we wind down into the new year. GDXJ is breaking above a short-term downtrend line today after…
With respect to the previous post... no neckline break as the last hour took a little off the top of GDXJ. Just a play-by-play FYI for all you sports fans…
Our furry friends are going to need to make a decision soon. That is because the still-intact bottoming (bounce) patterns we noted on GDX and GDXJ in an NFTRH update…
No folks, I am not a day trader! :-)
But that does not preclude me from dialing in to short-term views, and a short-term view I found interesting was in GDX and GDXJ. When seeing the predictable pullback today my first thought was ‘typical… gold stocks can’t even sustain beyond a day or two’. My second thought was ‘let me look at some charts’ and so…
A snapshot of the current technical status of several key markets (a lot of charts today because macro changes seem to be in effect)…
GLD broke down from the Sym-Tri (strike 1), lost the June low (strike 2) and now would try to find support at the December low, equiv. to gold 1180. Over sold, prone to bounce but technically bearish below 120 and 123.
Folks, first I’ll note that hedging the precious metals for me has often proven more aggravating than it was worth. That has been due to the grinding nature of this would-be big picture bottoming process. So I am just letting you know that rather than selling junior and exploration gold positions in the IRA, I am protecting them with JDST with the intent to get through the FOMC tomorrow now that some gains have been made. The biggest protection continues to be the ongoing high cash level as noted in NFTRH 308, which is the best form of risk management (in my opinion) until we get clear of some technical parameters.
A snapshot of current technicals for key markets…
GLD became very bearish with the breakdown from 124. A rise above 123 is needed to even begin to repair this chart.
A snapshot of the current technical status of key ETFs…
GLD filled gap, which now closes out the geopolitical hype and leaves gold on its own right at key support. Still not a constructive looking chart. A rise above the SMA 200 and then the 50 makes it constructive.