Here are my thoughts on bitcoin. Prices could rebound to the $5500-$6000 area. Overall, I think prices will grind sideways between $3000 – $6000 for several months. At some point, prices will break below $3000 and test $1000. It would take a high-volume move above $8000 to restore a bullish tone. https://cryptowat.ch/markets/bitfinex/btc/usd/1d
Continue Reading →That may have been it for the 1-3 day bounce. It looks like the next stop for GDX is $20.50. Let’s see how we close.
Continue Reading →April gold is below $1310 and tested $1305 this morning. Prices are bouncing slightly, currently at $1312.11. Closing today above $1315 would support a bounce. Declining below $1305 and then $1300 could trigger a sharp selloff. -GDX- The morning gap was filled within the first 30-minutes of trading. Closing above $22.40 today would […]
Continue Reading →It looks like gold and miners are breaking lower; downside selling pressure has accelerated. Miners are well below their previous gap levels. Depending on today’s close, it looks like we have an exhaustion gap sell signal. Last weeks increased stops performed well and got me out of NUGT and USLV. I have open swing […]
Continue Reading →It looks like gold has broken lower out of the small triangle consolidation. However, we are yet to see an accelerated decline. That may occur if April gold slides below $1320. -GDX- Not a lot of upside follow-through after yesterday’s bullish reversal attempt. Slipping below $22.36 could trigger another wave of selling, especially if gold […]
Continue Reading →April gold is still trading around the $1330 level. I’m a little surprised it isn’t performing better with today’s US Dollar weakness (down 0.40%). -GDX- It looks like miners will finish above the critical $22.43 gap level. The 20-day EMA appears to be supporting prices. Slipping below $22.36 tomorrow could trigger a wave […]
Continue Reading →April gold slipped to $1325.50 earlier today before bouncing. Prices are back up to around the $1330 level. Gold needs to rally above $1335 or decline below $1325 to break free from the short-term consolidation. I was stopped out of USLV this morning. The UGAZ position is profitable, and I’m raising the stop to […]
Continue Reading →The one-hour chart of April gold is crawling along the flattening 200-period MA. Crawl patterns typically break lower, often suddenly. For that reason, I added to DUST today at $17.55. Currently, it looks like metals and miners are inching closer to a breakdown. The crawl pattern in the above chart supports a dip to […]
Continue Reading →The one-hour chart of April gold is back down testing the 200-period Moving Average. I don’t know how many more times gold can test that level before there is a failure. I was stopped out of the NUGT trade with a profit just below $21.72. The USLV position has an active stop remaing just […]
Continue Reading →We have a divergence between gold and miners on their intraday 1-hour chart. Gold is trending slightly higher while miners are down. GOLD 1-HOUR GDX 1-HOUR It’s unclear how this will resolve; one is likely to play catchup into the close. Meaning, gold will either begin dropping with miners or miners will reverse […]
Continue Reading →