LONG Cup and Handle Breakout on $GLD $GDX #GOLD

9 Apr 2020

It is difficult to see the handle, but it there. I consider it an accelerated form of a handle given the crazy volume and price action during the virus outbreak. If 2009 - 2011 are any clue, then bonds should start dropping with interest rates and inflation expectations rising. This should boost gold . Remember that we have had some massive blocks over the previous sessions.

VOL (K) | PRICE ($) | 🔼
--------.-----------.----------
📈 IAU
--------.--(APR07)--.----------
7,000 | 15.79 | 💚 +1.99%

There was a 7 million market buy block on April 7th for IAU , absolutely incredible. This has the juice to move the price to gold 200-300 points, which is in line with the measured move for a cup and handle formation.

thepatternsite.com/cup.html

9 Apr 2020

Nota

Gold futures in the linked idea have already broken the highs, spot gold is a bit behind.

10 Apr 2020

Nota

If you look back to the peak of the financial meldown, in October 2008 everything got sold including bonds and gold. This is exactly what we had again in 2020. After that gold started gaining ahead of the ultimate stock market bottom in March 2009.

The March month candle for gold is a giant doji candle with high volume, we are at the highs of that now for spot gold, and above for futures.

I am very bullish on gold.

12 Apr 2020

Nota

SUN APR 12 market update (zoom to minute 46:30 for gold): youtube.com/watch?v=EQx7mAke2R4

14 Apr 2020

Nota

See linked futures idea, posting updates there.

6 Mei 2020

Nota

Wondering if GDX will fail off the 5.9 million block that printed a few days ago. We haven't done much since. Gold continues to drop. We are getting huge GDX blocks.

VOL (K) | PRICE ($) | 🔼
--------.-----------.----------
📈 GDX
--------.--(MAY06)--.----------
711 | 33.88 | 💛 +0.03%
--------.--(APR30)--.----------
5,900 | 34.03 | 💔 -0.41%
856 | 32.63 | 💚 +3.86%

7 Mei 2020

Nota

Big boost in 10Y bond today and leaving shorts behind. Rounded bottom gold breakout at a near miss of the wedge again.

10Y Bond futures are the key to understanding the price movements of gold. Not DXY, not oil, not stocks.

7 Mei 2020

Nota

Big month pivot bounce near the bottom of this wedge forming. Nice move off.

21 Mei 2020

Nota

Big backtest on deck of the broken wedge.

26 Mei 2020

Nota

Real backtest of the wedge here. GC contract roll to august today. I am adding to this position.

3 Jun 2020

Nota

Added to gold longs today on Month CAM S3 and Week CAM S4.

3 Jun 2020

Nota

3 Jun 2020

Nota

Major trendline break here. Next target down could be 1680 area.

3 Jun 2020

Nota

Next level of support probably near 1685.

21 Jun 2020

Nota

Nice pop over the weekend with 'rona fear back.

23 Jun 2020

Nota

Closing in on the first major target at the September 2012 Month Close.

23 Jun 2020

Nota

It is very possible that we may need a neckline backtest on gold before resuming higher. Worst case scenario

24 Jun 2020

Nota

We have hit the September 2012 close, a big level. It looks like this triggered some selling. We may very well have to backtest the neckline.

Pre-market IAU dark pool blocks hit the tape, I suspect they were profit taking at 8:04 AM ET.

ETF Blocks
📈 IAU ‼️ #PreMarket 🥇 #Gold
📊 3,000,000 😱 ⚫️ #DarkPool
💵 16.98
💔 -0.03 | -0.18%

ETF Blocks
📈 IAU ‼️ #PreMarket 🥇 #Gold
📊 3,000,000 😱 ⚫️ #DarkPool
💵 16.98
💔 -0.03 | -0.18%

These are massive.

24 Jun 2020

Nota

5% crash on platinum. This is expected. Silver also had a huge dump today. I bought 3 platinum futures for October in anticipation that this is a general bottom for the metal.

8 Jul 2020

Nota

Head/Shoulders target struck, final target above at the AUG 2011 month close.

22 Jul 2020

Nota

Out of this trade until the FOMC next week, then back in probably. What a ride. Hits Year Camarilla R5, good place to exit.

23 Jul 2020

Nota

Parabolic S Wave finisher, this is exactly what I expected going into the finale to complete a move similar to the initial impulse in March. It is time to raise stops and keep them CLOSE, the selloff after a move like this will be sudden and vicious. I expect a 10% pullback in GDX when it happens.