We are getting closer and closer to an important buying opportunity in gold miners.
Though yesterday we almost tagged the 200 SMA and bounced I still don't see that buying opportunity what i like to see at the gold miners bottom.
At the beginning of today's trading we broke above yesterday's high which is usually a buy signal but after a few hours of trading we gave back all the gains and closed in the red.
I think we are quite close to the bottom in days - 4-5 days only - but these last few days can be extremely scary as we print the cycle lows.
First of all I dont see the volume spike what usually occurs at these intermediate bottoms:
The other thing that we stiill have a gap between 20.5 and 20.8 which pulling down price like a magnet:
Today was the 5th day since we broke below an important level at 21.41 and usually these breakdowns lasting for 7-8 trading days:
Today was day 5 of the breakdown.
So I would wait with the buying till next week in the miners as we might have 3-4 red days ahead in the upcomong trading sessions.
Though yesterday we almost tagged the 200 SMA and bounced I still don't see that buying opportunity what i like to see at the gold miners bottom.
At the beginning of today's trading we broke above yesterday's high which is usually a buy signal but after a few hours of trading we gave back all the gains and closed in the red.
I think we are quite close to the bottom in days - 4-5 days only - but these last few days can be extremely scary as we print the cycle lows.
First of all I dont see the volume spike what usually occurs at these intermediate bottoms:
The other thing that we stiill have a gap between 20.5 and 20.8 which pulling down price like a magnet:
Today was the 5th day since we broke below an important level at 21.41 and usually these breakdowns lasting for 7-8 trading days:
Today was day 5 of the breakdown.
So I would wait with the buying till next week in the miners as we might have 3-4 red days ahead in the upcomong trading sessions.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.