GlobalProTrader
@GlobalProTrader
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Former FX Trader, Money Manager Author of https://t.co/8YFJiYl7Fg
Ontario, Canada
Joined July 2016
$GDX is maximum bullish, the most since Aug 6 2020, when GDX peaked at ~44 and proceeded to fall to 21.50, a drop of over 50%!.History may not repeat but it certainly rhymes.
$BPGDM is now at 100%, the last time it was this high was August 6th 2020, one day after the peak from the 180% + run off the covid bottom 5 months prior. I am not calling for the end of the secular bull market but nothing defies gravity for ever without a correction.
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$GDX is maximum bullish, the most since Aug 6 2020, when GDX peaked at ~44 and proceeded to fall to 21.50, a drop of over 50%!.History may not repeat but it certainly rhymes.
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I spend half my time on X trimming the weeds, aka fake analysts. Sigh.
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$GDX broke out of its bull flag but it is now becoming extreme overbought on both the RSI and MACD Histogram. It can still go higher. I don't recommend shorting or buying here.
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3 options in #Silver .1. ABC pattern with A completed, peak in B still to be determined, then down in C.2. Silver back-tests the trendline to 39.50-39.60 or even a double top, then down it goes. 3. Silver has bottomed and going much higher. (lowest probability at this time)
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If the #DXY can rally above the recent peak at ~100, we would have 5 waves up off the bottom at 96, confirming the bottom is in place. However, if goes lower from here, it becomes an A-B-C correction and we're heading down to a lower low.
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Retail selling #Silver near the bottom, ahead of a big move north imho. Typical. "Buy low, sell high".
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An education for all on how the Comex works. .
Comex gold total open interest is back down to 442,248 contracts. the lowest in three weeks. I wrote this educational article late last Monday. If you missed it, I urge you to read it now.
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RT @GlobalProTrader: People have such short-term memories. There is a growing dollar shortage worldwide. Demand + Scarcity => Higher price.….
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😉.
I believe the #DXY has bottomed, and if not, the risk is a few dollars lower. But the upside is gargantuan. Look back at the rally from June 2021 when the DXY bottomed at 81.50 and rose to 115 in Sept 2022. The DXY is going north of 120 imho. This will crush almost everything
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Silvercorp $SVM getting hammered as Silver falls, -4% now. $AG -3.3%.
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The 1-hour #Silver chart certainly suggests a bounce from oversold conditions. Look at the RSI and the MACDH, both turning up.
#Silver has broken down. Back-test / bounce to trendline possible, given extreme oversold on the 4-Hour chart. But the daily chart shows that Silver can continue lower, bounce or no bounce.
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