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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.
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$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...
Read MoreToday I want to take a closer look at Oil and Gold.
If you have been here for a few months, then you know that this is what we have been waiting for. Lets review.
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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.
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.
We are there, time to monitor things a bit more closely. 🙂
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