I'd say the most important area on the GDX chart is the unfilled Gap formed on June 19th that will need to be filled and the reaction there will be very telling, reverse up?Looks like a consolidation could unfold as it did late Jan early Feb before taking out $28.00Never been a manipulation follower certainly not at every turn down, the whole pm's sector was very overbought and that is what traders sell into.$1322 Gold is a very key resistance zone.....jj
Manipulation is an abnormal volume spike almost always in the premarket or overnight. That isn't someone taking profits. That is someone trying to manipulate the market down at a time when there is very little liquidity.As I've noted though it's not working anymore. There is a big buyer or buyers that just sit and wait for one of these attacks and when it comes they drive the market right back up and cost the manipulators money. It happened again last night as gold is again back in the green costing the attacker last night dearly.
I was referring to Tues action during the day in the NA time zone.Agree, in the past the big take downs at very key time periods set gold back on its a** sometimes for weeks.These shallow take downs imo suggest the seller is the Big buyer. Its perfect trading, sell 200units of XYZ to trip stops and buy 400 units....we'll never know.Still need many resistance zone across all the pm's charts to fall before the bull has been "confirmed" to be on the run again.Options expiry today for both gold and silver, Mr Market has given us support zones from the last 24hours reaction @ $1311 and $20.72........jj
It is fascinating reading your thoughts guys. Um, that is my contribution. Thanks.
Well Gary if the evil Manipulators are going to make a stance its here, between $1322 and $1326 as many charts are back testing the support that fell on Tues........jj
Gary if one tossed up a daily chart of GDX starting from the last Aug highs at $31.06 then using the March high at $28.03 that trend line comes in perfectly at the recent high of $26.53 perfection! for anyone who doubts the non-opinion the chart provides.So now we either have another failed breakout at the resistance that the Aug and March highs provided heading back down towards $22+ or $20+....of course the most Bullish action would be a close above March highs of $28.03........jj
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