This is still the key area we have to watch here, as a hard rejection could send us to a lower low, but a strong break could launch us to a higher high than 2016.
The next few days should be very telling for gold going forward.
(there is still in the )
We've pulled back a bit after every jump up since 1120, there's no need to worry that we revisited the 1190's. Don't let the people who were short from 1120/30 area scare you over every $1 drop in the price.
Although it's never good to get rejected at a key level, the fact that we haven't bounced hard off the level down to the 70's area, illustrates to me that we should see 1210-1220 area soon.
Very bullish....When this happens ,as many traders think,it might "trigger" lots of " buy" signals on hedge funds HFT algorobotic platforms which would push ETF funds like GDX and especially GDXJ into the levels which we have not seen for a while..
Hedge funds, as i had mentioned in my previous posts to your ideas ,have already started slowly "loading the truck"..but some recent reports have confirmed their action..
With DPI (Dark Pool Index ) shooting to.77% last Friday ..when retail investors were taking profits and hedge fund were buying using a Friday pullback as buying opportunity..
Another positive sign,that bullion cartel has practicallly stopped their "suppressing game" in wee hours of the morning before the NYSE session..to me it is another indication that bullion banks have started adding to their long side at Comex ...and if history of their trading methods can be used as any furure guide, they would not probably initiate another "bulldozer" dumping action until the price of gold reaches 1240-1260 levels..COT open interest and combined short interest is still at historically low levels ,in my personal view,to initiate a massive attack on gold price through contract dumping now...hopefully,until March we would see massive move in miners to the upside,possiibly greater than last year..and price of gold is clearly started breaking out to the upside testing very important technical level...
Good trading to everyone!@
small retail investors who had entered after postelection pullback at approximately yesterday premarket levels ..it seems that we saw similar action as last Friday when they wanted to get out as soon as gold price started showing a bit of weakness..plus lots of technical selling in miners ,also very similar to actions like last Friday..but hedge funds were buying,and to me this is very positive...
I have full position in JNUG but still bought at 8.05-8.10 levels today which are,in my personal opinion,still at screaming buy prices..
Good trading to everyone!!