Our Live Trading Rooms Bring Together Thousands of Traders from Around the World!Learn More
Over four months ago, on October 4, 2022, Mike Paulenoff alerted MPTrader members to potentially bullish rumblings in the Gold market (GLD ETF) in a brief room post titled, "What Am I Thinking About the Precious Metals and Mining Complex?"Mike wrote: "For the first time in who-knows-how-long, the stars just might be aligned for 1) Weakness in the US Dollar (DXY)... 2) a meaningful recovery rally in Gold (GLD)." Along with his comment, Mike posted a weekly chart of GLD that showed what he interpreted as a completed major corrective process off of the August 2020 high at 194.45 into the November 2022 low at 150.
Folks, we have been soooooo patient in looking for a pullback in metals, and now it seems to have provided us one. The question now is how deep?Well, GDX seems to be the clearest. If we hold over 30.50, and begin an impulsive rally over 31.85, then the alt 2 will likely be in place, and we will be tracking the first wave of wave 3 and getting set up for a major break out. But below that, and we should see the fuller pullback.GC is the same.
UNG vol is sky high. I like selling $4 Jan puts for $38 and higher, CASH COVERED NO MARGIN. I don't need UNG to even bounce. I just need the freak out session to stop. Food for thought. The trend is down. I don't want to get in the way of that with shares quite yet.
Our Technical Analysts Share Their Expertise 24/7 on a Vast Range of Markets!Learn More
Our Free Educational Presentations & Articles Reach Audiences Across Scores of Sites!Learn More