Member
Posted 19 April 2017 - 09:11 AM
KLDX 1st qtr operating results out and first perusal looks about as expected with heavy snow affecting milling (but not mining) results in Nevada (old news), their full yr 2017 production targets remain the same. Really looks like a second half story - its already past mid April and how low does it go?
From the way gold is acting this am perhaps much lower.
Member
Posted 19 April 2017 - 09:39 AM
Been looking at the daily chart of GDXJ, one can make a "decent" case it has 5 up from 32.66 March intraday 7 low to its 38.57 March 16 rally high, From that high one can make a case we have been tracing out an abc decline with wave c "possibly" bottoming at today's 34.96 low - the .618 Fibonacci retracement is 34.91. Note that because of GDXJ weakness the April 12 high (possible "b" wave) did not like a lot of other stuff make new rally highs. Critical juncture here and I'd say a significant and sustained decline below 34.90 would have me thinking it's going below the 32.66 March 7 low
Senor
Edited by senorBS, 19 April 2017 - 09:42 AM.
Member
Posted 19 April 2017 - 10:03 AM
lots of gap fills going on right now, so IMO we either bottom in this area or we could go significantly lower
Senor
Member
Posted 19 April 2017 - 10:46 AM
senor , definitely a possibility. 1261, 1277(hit today) are support 1293 , 1308 are resistance.1245 is the death zone for this decline..geopolitical markets have been short affairs , w/the market returning to where it was before the event occurred. in addition the commercials over the last couple of weeks have expanded their gold short positions.
all of this action is there on the seasonal chart of gold http://www.seasonalc...ssics_gold.html now if that holds true this was a top not the highest price top.
what i see is the economic backdrop is heading into recession in the usa. trump promised alot of seemingly good things for the economy . so far none of those promises have born fruit. the geopolitical seen is as warlike as i have seen in my lifetime. and there are these huge mountains of debt, which can never be paid. w/the bulk of my resources i am not trading. i will be adding when my parameters occur.
dharma
w/ the shortsided view of van eck who did not foresee the gdxj would be way oversubscribed to , its difficult to get a true read on the small miners. and for good measure they bought some gdx for the gdxj index. hopefully they come up w/a more sustainable index . which is easier said than done. the small caps , at this point have a very small market cap. as we march forward here , i see more $$$ arriving in the sector. w/lumber prices hitting a 12 yr high, a forerunner of inflation it is saying the fed is behind the curve and inflation is rising. in that environment , miners are a destination.
soon we have the french and iranian elections.
Member
Posted 19 April 2017 - 01:26 PM
Dharma, this is also about as vulnerable to a really large selloff I have seen the Dow/&P in a long time, looks ugly today. Holding a core 15% long miner position after a few stop outs today
Senor
Member
Posted 19 April 2017 - 01:40 PM
i can now see this lasting into the beginning of may
dharma
the frothy dsi was the giveaway. along w/the commercials expanding short positions
Member
Posted 19 April 2017 - 02:27 PM
yes no way we started a wave 3 up with this kind of action here i would say this is 5 of a C wave
when ever it finishes it finishes
Member
Posted 19 April 2017 - 03:46 PM
Not much joy here, end of day Weds.
Member
Posted 20 April 2017 - 03:01 AM
lots of gap fills going on right now, so IMO we either bottom in this area or we could go significantly lower
Senor
Member
Posted 20 April 2017 - 07:51 AM
Dougie, I'm curious, where did you get 1305 from?
