Target for Gold appears to be 1245 to 1250.
Seems to be a wave count discussion..
small ABC completed at 1255
Short term support 1251
.50R pivot 1211
Posted 06 October 2016 - 09:11 AM
Target for Gold appears to be 1245 to 1250.
Seems to be a wave count discussion..
small ABC completed at 1255
Short term support 1251
.50R pivot 1211
Posted 06 October 2016 - 09:34 AM
Posted 06 October 2016 - 10:05 AM
sure looks like a 5 wave advance to me off the dec lows
gdx tagged the 200dma i have been looking for 22ish
gdxj still has further to go.
either this is 5 of C or 5of 3 of C as stu says above.
i dont like to trade in the 1st hour.
my guess is if this is 5of 3 of C the miners do not
make new lows if the metals do. and its just a guess
dharma
if we don't bounce significantly from this GDX 22.70 area soon I think we could fall another 5% very quickly. When things are this oversold and ya can't bounce "crash mode" may continue for a bit longer
my stop on 22.78 buy is not far away
Senor
Edited by senorBS, 06 October 2016 - 10:14 AM.
Posted 06 October 2016 - 11:20 AM
Edited by dharma, 06 October 2016 - 11:22 AM.
Posted 06 October 2016 - 12:29 PM
Posted 06 October 2016 - 12:40 PM
Target for Gold appears to be 1245 to 1250.
Seems to be a wave count discussion..
small ABC completed at 1255
Short term support 1251
.50R pivot 1211
Contract bounces at 1252.75.
I have no idea which wave is which, but I know where the price is going, good enough...
Edited by SemiBizz, 06 October 2016 - 12:41 PM.
Posted 06 October 2016 - 04:36 PM
Target for Gold appears to be 1245 to 1250.
Seems to be a wave count discussion..
small ABC completed at 1255
Short term support 1251
.50R pivot 1211
Contract bounces at 1252.75.
I have no idea which wave is which, but I know where the price is going, good enough...
no offense meant but when anybody says they "know where price is going" I stop reading
NO BS
Senor
Posted 06 October 2016 - 06:09 PM
The 21.70-22 area in the GDX is looking very possible very soon. I did buy a very, very small GDX position at 22.78 today but would not be surprised if we still go lower, The market is extremely oversold and sentiment now extremely negative,but what's another several percent amongst "friends" in this type of environment? Of course we also have the employment report tomorrow which can often add even more volatility.
Senor
Posted 06 October 2016 - 07:23 PM
I forgot (Senor gettin old!) to do some gold downside GOLD targeting and the 1250 area is very important as it represents a 38% retracement of the rally fro the 1050 low to 1375 high and 1252 is where the potential two downside zigzags project to be equal - today's low was 1249.83, if we blow thru 1250 then low 1200's come into play
BSing away
Senor
Posted 06 October 2016 - 09:16 PM
For the Record:
Wednesday's Gold Forecast:
GOLD SLAMMED ON BLOWOUT VOLUME - DEEP INTO BREXIT TERRITORY - Well we have had this giant volume untested low here on the gold contract at 1253.7 from June 24th, and today gold PLUMMETED to a low of 1266 and closed nearby and is trading at 1270 in afterhours, so although we can get a trading bounce - gold tends to be a TRENDER, so we may not get a serious bounce until that low gets tested, but it is not very far away at 1270. So we're giving odds for a test of least the 1253 with a possible bounce at 1251. We'll have more to say about this after we see some more hours of trading. What happened here is that we went through a long period of sideways dissonance between the metal and the miners as gold was distributed. Today the operators signaled that they were done and the mark down ensued with a Vengeance - Gold trading here at 1270.
Edited by SemiBizz, 06 October 2016 - 09:21 PM.