Just a reminder that the Fed will be speaking at 12:45
This obviously can shake up the markets.
The USD is currently continuing higher, but is this the top of a rising wedge? A break out higher would make this a running correction with higher price ( Gold would drop). A rising wedge would drop from here . IT really looks like a rising wedge at this point.
Currently GOLD & SILVER are dropping back to recent lows , but have not broken them. Miners are dropping, but GDX remains above the 10sma. STOPS SHOULD BE USED IF YOU ARE IN MINERS.
Stops below the prior lows is one option if selling picks up with the Yellen speech ( $12.92)… or a tighter stop a little below the 10sma, but you may get a simple shake out if it drops and then reverses higher.
Many individual Miners are still technically ok ( SA above the 50snma, AUY, NG, IAG, etc above the 10sma. ) . Now is the time to draw a line in the sand and see how this plays out.
Leaders And Laggers 
Keep It Simple Stupid ( K.I.S.S.)
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So far…The Dollar spiked higher and is now dropping with her speech.
GOLD & SILVER spiked down and stopped. They have somewhat reversed higher .
SILVER dropped to $13.90 and DID NOT break the recent lows (yet), it jumped back to $14.01.
GDX dropped slightly below the 10sma ( $13.62) and recovered to $13.75 as I write. Miners do not look like they are selling off as much as the metals did .
UUP looks like a topping candle if it closes here or lower.
SO far I would say that this is a bullish shake out type action, not a bearish selling
Thanks for the information. Good stuff.
Sure – also I’m also using a daily and using just the 10sma…take a look at SSRI, BTG, AUY, IAG, HL, etc .
They are holding up as though Gold didn’t sell off. They are acting like they normally would in a pull back.
ABX, GG, NEM all recovered their 10sma so far too.
awesome update… much appreciated ;o)
Ur welcome….check out CANDLES On GLD & SLV
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refresh
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oh hello there… :o)
Nice double bottom
This is how I am looking at GDX with the FED SPEECH intraday .
It was a buy when it recovered the 10sma – at least for a trader as a quick trade. I like what I am seeing though on the daily too.
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refresh (click to enlarge)
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If you liked the 1st H&S…maybe you’ll love the 2nd one too
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refresh
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I really like that one! You do know of course that a Maria GIF is sure to follow!
… oh BillyBob .. of course I luv it ….I’d rather be playing it… but, alas …
someday ……………………………………………….
Weak! That’s the best H&S you got?
giggle… well, i didnt want to scare off any new subs… 😉
u must missssssss meeee … ;o)
giggle…
Good call, and she didnt let u down
Hey, Now its selling off…who jinxed it 🙁
Nothing is broken, still on plan.
yeah, BIG sell off in Gold & Silvr and if Miners close above the 10sma daily chart….I think that says a lot , considering how some Miners used to drop 10% whenever Gold droppe, and GDX would be down 6-7% too.
EGO no change 0%
Gold has a lower low? Hmmm. Closed slightly above the previous low.
I know…Its stretching down – its crazy that miners are holding up
taking a decent dump after hours also. Well below $1051.60 .
I bought miners again (different account this time) on successful defense of GDX 10-day. Here’s wishing for a good day tomorrow. This will be a quick trade. I have absolutely no interest in holding through the upcoming maze of crazy Fed news.
Bill, appreciate you sharing your GDX chart yesterday; that was good stuff.
One question – you made the comment about the purple line break. But it’s up just above 16. Wouldn’t buying that break just set one up to buy the next top? Sure, I’m jaded at this point but buying a break on these usually just sets up for the ride right back down.
Sorry for the confusion Cason. I didn’t pay attention and had multiple purple lines on the chart? Confusing. I was suggesting buying the lower purple trend line break. I think a sell at the 78.6% retrace, or the H&S retrace is the way to go. Unless the rally is real strong then try to hold to the upper line. Have to feel it out as we go. refresh for chart https://uploads.disquscdn.com/images/29087e1ede9c6265ea17e9f6a0b7c9fa1ef975b6459cc5c23980d72a813ecfe0.jpg
Bill, thanks for the re-post, I’m with you now. I actually bought NUGT late afternoon yesterday. I sold today for profit. I wasn’t holding leveraging into the jobs b/c crazy stuff can happen tomorrow. Oh wait, we had Crazy today!!!
SFY took it on the chin Today. Skipped a interest payment on some bonds?
BBEP – down 40% in 2 days!! And that is after is bounced 15 cents off today’s low. Suspended dividend. GDP in danger of being de-listed – down 30% in 2 days. Alex already showed us REXX. Oil is going to continue going down; fundamentally the situation is absolutely dire for most of these companies. All you can really do is hope for an eventual technical bounce.
Alex, we are thinking potentially that there is an ICL brewing in gold, not confirmed yet. So, if we get one more dunk now then an ICL that could potentially be the end of the bear. But, if we get an ICL here and down crash towards the $1000 can that still be THE lows? I guess I’m worried that if we get an ICL here before the Fed shenanigans that we just kick the can down the road and do this all over again. Any thoughts on that? The nice thing about crashing $1000 is we might get a ‘V’ reaction for once instead of this (horridly painful) lingering at the lows for 2 weeks!
Lot hangs on Draghi today to see if does provide stimulus for the Euro in which case USD will go stronger and thereby impacting GLD for another down leg ?? The ECB annoucement is at 13.45 CET according to my reading which prior to US mkt open I assume..I got stopped out of the Miners yet again ytday..!!