Wednesday, July 22, 2015

GOLDEXIT

Recently Gold and Gold Miners were heavily hammered.
2 weeks ago we wrote about the current move of gold predicting a move towards 1190-1110 (Ready for a Goldexit?)
Currently Gold paused temporarily at 1190-1110 level.
Although we believe that continuation of the downmove is very much probable, bulls will have a last chance if we see an immediate move above 1135 level.

Regarding miners GDX, we wrote 1 month ago that there was a good possibility for a -35% move of GDX towards 11(Another 35% fall for Gold Miners(HUI,GDX)).

We still believe that GDX is moving towards 11-ish.
Last chance for bulls a quick move above 15.5-16.

Tuesday, July 7, 2015

Ready for a Goldexit?

Gold broke down the minor support zone at 1175 and bounced at 1160 as we correctly predicted (Gold shows further signs of weakness).
Currently gold price hovers around support at 1160.
If gold moves below 1160 then probably 1135-1140 support zone will not hold leading gold towards 1090-1110.

Similarly GDX is moving towards 17.If GDX moves below 17 then probably it will gravitate towards 14.5-15 

Oil towards 46$

Oil (WTIC) after moving around 60$ for some time, recently started a steep descend (look China, Grexit).
Currently the line in the sand for oil bear market lies at around 46$.If oil price moves below 46$ then continuation of price descend towards 36-37$ is possible.If oil manages to stay above 46$ AND bounce significantly then the current bear market continuation is becoming doubtful.

Yesterday XLE broke support at 74$ which is a significant event in our opinion.Now, if XLE stays below 74$ then probably it will move towards 68$, along with oil at 46$.