GDXJ
Support levelsGold is at its lowest horizontal support, if there is another pullback I see gold touching my trend line around (1294-1292).
XAUUSD Support LevelsJanet Yellen is set to speak this week Friday, market will be anticipating a rate hike for September. Her words will play a big factor on the direction of gold. Support level (1334), (1330), (1322), (1311), (1300). But I expect a delay in rate hike in Yellen speech. Very bullish on GOLD, look to set new high this year.
SOLD GDXJ SEPT 16TH 45 PUT.... for a .67 ($67)/contract credit.
This and $GDX are currently probably the highest implied volatility exchange-traded funds, so I'm just selling a little premium here without taking on the upside risk that doing a strangle would entail.
That being said, I'm fairly sure I don't want to be put GDXJ at 45 (lower would be preferred for a long position), so I will watch it and roll down and out to an expiry in which I can get a credit for the roll in the event price poses a threat to the short put ... .
FNV - 4hrFranco Nevada reached the target box for wave (iii) of 3. Still looks like it needs OMH to complete the micro pattern. I'd like to see MACD make a new high as well, then negative divergence form on MACD into the wave 3 price high. My stop is indicated at 67.83. See other miner ideas for more discussion.
SLW - 4hrSilver Wheaton Corp is a fine example of MACD confirming the heart of a 3rd wave. Following my blue path in ideal fib pinball form. Notional path is laid out, but extensions are certainly possible. Consolidations have been relatively brief and shallow on the rise.
KGC - 4hrWhile the blue count is my primary, price structure still allows the yellow alt Leading Diagonal (3-wave moves off the low) is viable even as low as 3.02. I've annotated the alt 2 as an a-b-c flat, but variation is certainly possible in corrective structures. A significant breakout on volume, confirmed by MACD making new highs, and I will take the yellow alternative off the chart.
GG - 4hGoldcorp Inc has stalled a bit in its presumed 3rd wave. MACD has NOT broken out (yet) and Stoch RSI has NOT embedded. Breaking below 17.41 and certainly 16.04 would be cause to re-evaluate the count, although an alt wave 2 in the high 15s, low 16s makes sense as an flat where the recent high counts as a b-wave (not annotated).
BTG - 4hrB2GOLD Corp had a 285% rally in presumed (white) wave 1. Price action and technical indicators suggest the heart of a 3rd of 3 vice yellow alt 5 of (1). Like AUMN and TGD, I see embedded momentum indicators and breakout on MACD.
AUMN - 4hrGolden Minerals Co, like TGD, has high consolidations and appears to be breaking out in the heart of a 3rd of 3. See embedded Stoch RSI and strong MACD. A rough roadmap is shown on the chart (remember, I use log scale).
TGD - 4hrTimmins Gold Corp ripped higher in wave 1 off the Jan low, had a high consolidation, then ripped higher again in presumed wave i (white alt 1) for a 520% rally. I have it progressing in wave 3, confirmed by embedded technicals (see Stoch RSI) and breakout in MACD. Wave iii of 3 should have the most pronounced MACD high with negative divergence forming in subsequent higher prices for waves 3 and 5.
Other miners have similar set-ups. See also GDX idea linked below.
XAUUSD: Potential for uptrend continuation, target pendingThere is one weekly target that hasn't been hit yet, and I suspect we might hit it very soon, so I'm willing to risk taking a long position here, with 23 point downside risk.
Let's see if we can attain the weekly 'Time at mode' target before our stop loss gets hit. You can risk between 0.5 and 1% on this trade, and then look to add as it moves in profit, further confirming the thesis.
If we get stopped, we might get a new chance to long next week. I'll update the chart as we move forward.
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Ivan Labrie
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$djia, $gdx Dow Jones correlation with Miner stocksStill positive but yesterday's candle needs attention
"Gold Update" $GC_F $GLD $GDX $GDXJ $DUST $NUGT $GOLD SI_F $SLVPatterns are in place for a retreat....
3 drive into Market Structure...
Above 1334 on a closing basis changes the pattern and decreases the odds.
Gold Short - Good Swing Trade OpportunityPer the usual suspects - RSI - WT - MACD and resistance levels -
I feel gold, GLD. and miners GDX, GDXJ are entering short territory.
