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Goldminers

BULLISH DIVERGENCE IN GOLDI believe there is currently a strong bullish divergence in the RSI and MACD. My TP is 1250$, and I will re-evaluate gold when/if we get to that level. We are currently making higher lows in both the MACD and RSI (while the price decreases), which leads me to believe we will see a strong up move in the following days. My advice is to avoid listening to the gold chat too much, as people will claim 1000$ if we drop 1$, or 1400$ if we go up 1$. I would also advise to avoid listening to people who do not post charts, yet seem to be spamming the chat with nonsense all day, or the people who post charts, but continue to change their opinion/strategy every 10 seconds. There are a lot of people on here who provide advice based off their current position (their own interests), so be careful when following others. Follow your strategy, and stick to your chart. Goodluck.
FX_IDC:XAUUSDLong
by GeorgeJimas
2
THE GOLDEN CHANNELI went long on miners at points A, and B. I have been using this channel since October 24 to help analyze whether or not to add to my longs, or if we would drop to my second trend-line. Based on the help we received from Clinton today, and the fact that we closed over 1275, I believe the lowest we will see next week is 1268/69 (this is based on my trend-line, and RSI ticking up). I do not believe we will close below 1270 all week, and I think 1290 is a realistic target. (this is of course unless the Fed decides to raise interest rates in November, which I think is highly improbable). I also do not foresee us dropping down towards the second trend-line unless NFP is very strong (which I also believe will not happen). I believe Bulls will have the momentum for the upcoming weak based on how this week ended (close over 1275), and I feel that the Fed and the NFP report will help solidify their grasp on the week.
FX:XAUUSDLong
by GeorgeJimas
GDX - Bull Market Soon to ResumeWe are nearing a bottom in the gold miners in the form of a wave 2 of the full wave 1 move up from the January low. The recent price movement on Friday gave us the setup for the final leg down as a v of C which can take the shape of a 5-wave impulsive move down or an ending diagonal. The bottom should be struck between the 50% and 61.8% retracement of the larger impulsive wave 1 high of 31.79, aiming for the 22-20 range. Once the correction is complete, we should then be prepared for the larger degree wave 3 move upwards that will take the GDX to at least 50.
AMEX:GDX
by Eboard10
2
GDXJ - Ending Diagonal In ProcessI'm seeing wave C possibly shaping up as an ending diagonal to complete wave 2 of the larger degree correction. If the price movement follows the blue count on the chart, we should be going down in 3 waves a-b-c to form a bottom around the 50% retracement of the larger impulsive wave 1 high of 52.50, potentially going a bit lower. This would be an excellent opportunity to catch the following impulsive wave 3 up which will very likely take the GDXJ all the way up to 100 and above.
AMEX:GDXJ
by Eboard10
HMY - Correction Nearing an EndHarmony Gold is following the correction seen across the gold miners. I see two similar counts playing out over the next few weeks: Blue count: the whole wave C is an ending diagonal and we are currently in wave iv of the final move down. Red count: an alternative count would see us fall to lower lows beginning of next week to complete wave iii of C and then make one last bounce upwards before the final leg down. Either count would have HMY bottom within a month or so and potentially take us down to the 2.60-2.40 range.
NYSE:HMY
by Eboard10
$gdx approaching falling-window resistance.$xauusd and $tip had a couple of down days and I anticipated yesterdays $gdx pullback at the open. I jumped on a few small buys between 30.20 - 30.25 and sold my July 1st buys into the 30.60 recovery. Just like in December, the miners are lagging and I would definitely start to scale-back all weak hands before the 31.33 - 32.14 falling window resistance. This small (less than 1%) position is just to gamble on the breakout in the event that it moves to the upside quicker than anticipated. I guess I could pair this with something cheap like $jdst but my position right now is negligable. As far as technicals go, %B is showing some divergence on the Daily. This downward move occurred when it hit 1.0 but relative to the trend, this should not have been in O/B territory. To me, this is an early sign that the trend starting a small correction downward-- possibly with the window-resistance acting as the turning point. This correction should bounce in the 27.00 area (previous support). Now, obviously, the trend is still up-- gold is still up. TIPS are still up. I'm still long here but I'm managing my risk. I'm holding small positions (5% of my original position, less than 1% of my available equity) now in #gdx and $hmy. I'm expecting another pullback at the open today in gold miners, followed by further downward movement until the bounce and finally an attempt to break out of the falling window. I'll be attempting to catch these wicks in accumulation mode and build a decent position.
AMEX:GDXLong
by chxdd