On Monday Gold posted an outside day to the upside. Outside days are important to watch as they can be great indicators for which way the market is prepared to move. If the HIGH of the bar is taken out then a nice rally can ensue. If the low of the bar is taken out then it is called a "bull trap" and the market slams down!
The LOW today did not breach Monday's bar BUT hit it exactly at $1861.50 per ounce. The question is whether the BEARS can once again challenge the $1850 per ounce line in the sand. If the bears can decisively breach this line which has held for three times now then GOLD could be headed towards the $1780-$1790 range.
Silver did breach the LOW on Monday's bar. Be careful here!
The Miners might be giving a clue as where the metals are headed.
GDX closed at a new LOW. The stochastic is still pointing down and GDX is well below the 18 day moving average both of which are bearish. Support for GDX comes in at the lower Bollinger band.
When it comes to the miners all I can say is:
Saturday the moon entered a new phase and just like that the miners sold off! Hmmmm
I have been watching the moon phases as of late and it would appear that the Moon is two for two in calling the market thus far.
(Seriously, this is for entertainment purposes only, but my my my it is fascinating.)
Hey has President Trump conceded the race yet? No hmmmmm
Have the markets been volatile since the election? Yes hmmmmm
Have you seen volatility in the streets? Yes hmmmmm
Have you heard this before it happened? well
@handofzara/is-gold-dancing-with-moon-beams
I wish you all the best as we move through this extraordinary moment in time.
Take a deep breath and know that the Sun will come up tomorrow.
Relax Homer! If the Sun does not rise tomorrow WE have way bigger problems than the price of gold and silver.
Peace out and stack on!