Short term trading strategies for US markets and GDX
Allison Ostrander joins me to share her trading strategies for US markets and gold miners. These are more short term strategies but her general comments of sticking to the stocks and sectors that have been out performing the markets should continue to be focused on.
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Been ready…………. 🙂
Got my stick pin in.
Thanks for sharing this silver. I think most of us in here as well as you know that gold is eventually going much higher..
I tend to refrain from getting to “bullish” or “ excited” like the article you posted as I tend to see it differently then most. For the record I’m bullish gold but I don’t like over the top and 30 plus days advertisement as it usually tends to signal a more bullish sentiment which can cause reversals.
I general thought those numbers will be had at due given time..
I’ve been anticipating an ability to get up to these numbers, but, according to our Ker-represented SME contributors, those levels aren’t to be expected yet. I have a suspicion we won’t be seeing those levels till post-December at the earliest.
I think you have a very level head approach..once we clear 1780 for round fingers the euphoria will kick in and this imo is when caution should be had.. don’t get me wrong I’ve been clearly in record saying we are headed higher as in $1780,1800,1820,1840 I will stop here. I do have a different number/ Fibonacci extension as Matt and ex would call it that differs from both of them.
I will repeat again and Will put myself out there once again with my call. I won’t wait for that moment to come I believe we will get to my target or possibly very close to it and then correct hard Into fall.. I remain firm of which I recognize I may look like a fool later but I believe we will not breach $1923 high..this year. We brake into new highs next year.
Yep. We are ready for that.
First Gold needs to close above the recent high of $1788.80 on a daily and preferably a weekly closing basis. Next I could see $1935 as a Fibonacci extension target, with a goal of taking out the 2011 all time high of $1923.
Silver first needs to take out last year’s high of $19.75, and next it’s 2016 surge high of $21.23 before it can even contemplate $25-$26 price levels.
It’s best to take things 1 level at a time, but things are setting up for much higher prices in the PMs.
Ex,
I agree with your higher prices my friend.. 1788 daily or weekly most definitely technically would set off higher prices.
Respectfully aside from yours and Matt’s Fibonacci extensions I just can’t phantom $1923 being broken that easily. That is an all time high resistance level that won’t be breached on a first attempt of course imo. The base we have been has been extremely long and we have a date with $1923.. unless I’m absolutely missing something and many of you out there believe we will shoot pass that number or possibly overshoot slight with your target then kudos to all.. its going to be very Interesting for sure. Regardless we all agree higher levels will come.
Cheers my friend
At $1923…..there will be no , so called OVERHEAD RESISTANCE sellers……all the sellers will be gone, …those so called “wanting to get their money back, all will have sold”
BTW………Bullion Star had a nice article ,…..concerning gold…June delivery on the Crimex….
Bullion Star article…
https://www.zerohedge.com/news/2020-06-22/comex-strikes-gold-delivery-notices-scale
Glen, the quarter ends in one week and if gold is above 1788.80 at the time, I believe it will easily exceed its all-time high in Q3 and probably in July. I even think it will do so on the first attempt BUT then will slide back to consolidate the move.
Don’t underestimate the significance of the following 40 year-old pitchfork and the rest of that quarterly chart. Each of the three points that were used to make that pitchfork were very significant turning points so it’s no wonder that gold’s move up stopped where it did in April…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=Q&yr=50&mn=11&dy=0&id=p65102185759&a=762641779
It really wouldn’t be a surprise if gold hits 2000 before pulling back into a multi month consolidation. Then it will probably head for 2450. Very long term, I have much higher targets.
Resistance above 1790 is more psychological than real:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=11&mn=0&dy=0&id=p84350635867&a=754340177
What are you waiting for, Robinhood?
I borrowed this off 321 , Bobby’ s site…..
“This crash is not going to have much effect on business.”
Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, Oct. 24, 1929
Oh….. just in case…….. lol ……. 🙂
Gold is looking good.. I was discussing with Matt and interesting enough he mentioned we should get a pull back. Something I was expecting today or tomorrow. But the end result has us going higher for the weekly close and monthly close.
Gold break out….. China
https://www.zerohedge.com/markets/gold-breaks-out-new-8-year-high
At the same time, Fang said the value of the US dollar is facing an uncertain future due to additional money being printed by the US Federal Reserve, which poses risks to China’s holdings of US dollar-denominated assets.
Looks like I got into vizsla just in time. Halted. Drill results perhaps??,
Matt very rare do I disagree with you but that’s ok.. It’s that very psychological price range that shows little resistance that I don’t trust personally. You may very well win that battle but I will go out once again and say that $1820/1823 is the top for the monthly close. I don’t see us passing that price. Let’s see if my numbers show this. If so my top target I have should hold and the corrective move again imo will come from below the all time high.
If we blow by $1823 on the monthly here then I will reevaluate things and concede that you and ex have it right..
But if I end up being right and that $1923 you and ex believe will be broken on this move without any significant resistance holds strong, then you and ex sure will have to wine me and dine me for the remainder of the year! Deal? Lol
Haha! Glenfidish. You’ll get bragging rights to $1823 resistance if that is what plays out. I believe the significant $1923 will be eclipsed, and that it is quite likely by September.
This used to be a PM page but lately has become so political, it hasn’t paid to visit too often. Hate to bore everyone with a PM article but Chris Vermillion make a super big statement in the following article.
https://www.thetechnicaltraders.com/all-that-glitters-when-the-world-jitters-is-probably-gold/
The paragraph I’m talking about is : “We believe the next 15 to 30+ days will prompt a “melt-up” in Gold to levels near $2000 to $2100. Silver will likely rally to levels above $25 to $26 over that same span of time. Once the bigger price breakout begins in Silver, attempting to normalize to the advanced price levels in Gold, Silver will begin to rally much quicker than Gold prices. We believe that will happen as Gold nears and breaches the $2000 price level.”
Is everyone ready???