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Goldminers

A little rebound for the Gold Miners perhaps?Long term I'm definitely a gold bug but I have warned repeatedly about near term risk (which I don't think has completely resolved if I'm honest). The market is euphoric but channels are now becoming apparent and lines are being drawn. It's very possible we have a small bounce in miners with the upper channel limits identified as well as some other possible diagonal resistances. Be careful, but a strong opening Monday could mean a quick trade for some easy money can be made.
AMEX:GDXLong
by DanjaZown
Gold to Test ATH Soon?With the unemployment rate being announced later this week I have been keeping an eye on the gold markets for clues on a direction. Expectations are that unemployment will increase substantially from the last reported 4.4% to levels that haven't been seen since the 1930's. However, the price of gold hasn't really "outperformed" during the Covid-19 pandemic when compared next to other asset classes which begs the question, will the unemployment numbers really matter? Looking at the charts gold has been in consolidation since breaking out of the inverse head and shoulders on April 6th. Price has retested and been trading flat since April 14th. The chart below is of the SPDR Gold Trust ETF (GLD). Current support is 156.95 and is a must hold if more upside is to follow. On the 4-hour chart above, I've highlighted how volume increased on the break of the inverse head and shoulders, and as price returned to retest support volume has settled nicely. MACD confirms this and is beginning to show potential strength in bullish momentum. If GLD breakout, targets should be set towards 174, which conveniently is nearly all-time high resistance. How confident can we be on this trade? Below is the weekly chart of GDX, a Gold Miners ETF. Here, note the weekly retest of previous resistance at 31. How strong the support remains to be seen, but the strength on the gold miners is undeniable and reaffirms the gold trade to the upside. Heading into the potentially historic unemployment announcement this Friday, it may be a safe bet to look into gold if you believe in the safe haven narrative. If you are a trader like me, GLD and GDX present opportunities to make 10-20% returns in a short period. Bias: Bullish .
AMEX:GLDLong
by DailyClose
1
Looking to Short - Technical Analysis of JNUG - Gold MiningIt looks like the tons of volume that entered the market on JNUG last week is the only thing keeping the price afloat. Overall the stock is bearish, dropping from over $100 to single digits. Short-term, it's getting ready to test the resistance (shown by the horizontal green line. We can see a bullish trend over the last few days, steadily making higher lows. I'm expecting it to continue the downward trend because it's getting close to testing it's previous top, but those who are taking a more optimistic position should at least wait until it closes above the resistance before taking a long position. Holding my short positions unless the resistance is broken
AMEX:JNUGShort
by CameronDWills
15
Gold-Gold Miners-DXY-Fed Funds-Monetary Base All CorrelatingThis is the Gold Miners Index to DXY ratio. This feels likes 2001 or 2009. Gold is correlating with Fed Funds, the monetary base, and the DXY like its 2009 and 2001. Gold stocks are priced like its 2009. Since 2019 we have seen the Fed Funds Rate free fall, since September 2019 we have seen the monetary base expand past the low set in December 2016, same with the Fed's balance sheet. We have seen the Fed Rate continue to fall now down to 1.00-1.25. And since September we've seen gold continue to make new highs, the US dollar / DXY break through critical support. We've also seen gold and gold stocks breakout against US indices. Could this be the beginning of the next bull run? Could this be the run we started in 2009 and prematurely ended in 2011? If so, hold on to your seat because we're just getting started here. Look for Gold Miners (XAU) to DXY ratio to start surging as the mining sector plays catch up to gold and as the Fed Funds rate continues to plummet and the balance sheet / monetary base continue to grow. What's interesting is the gold tends to fall when the monetary base falls. But gold has tended to rise when the monetary base moves sideways. It seems like without Fed intervention the monetary base is shrinking and the only way to keep asset prices propped up is to keep expanding the base. This means gold could be on the cusp of an incredible move without much downside even with the prospects of a broad market crash remaining fairly high.
TVC:XAULong
by Ludwig_Von_Mises