We are still waiting and maybe, just maybe, the Jobs report FRIDAY before the bell will act as a catalyst. Lets discuss why it would be great to see the futures in Gold higher before the market opens.


$GOLD - To start with, we have been expecting this type of a deep sell off since the summer. This is becoming deeply oversold, from the Brexit buying to this recent steady exit.


This is what I wanted to point out for Friday...

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Oct 6th – A Closer Look

Today I want to take a closer look at Oil and Gold.

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We Were Not Caught Off Guard

If you have been here for a few months, then you know that this is what we have been waiting for.  Lets review.


GDX -  Way back in August I started to ready us for a deeper pull back than many at that time would think is likely. You may recall that I kept saying that a solid target was $22-$24 and I said to look for that steep drop at the end of September or beginning of October.

This chart from Aug 22 is an example of me preparing us for a coming buying opportunity. I expected a bounce first, then a steep drop.

GDX 8-22b

My Weekly chart showed GDX broke the weekly uptrend line. A wkly trend line break for an 8 month trend is 'ugly', and indicates that a yearly cycle low is coming.  That magenta box became the likely target after that bounce at $22-$24 shown  in Sept/ Oct.   We would monitor things a little closer when we got there.  

GDX 8-27 wkly

We are there, time to monitor things a bit more closely. 🙂

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