The U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE: GOAU), with it`s over the March formed bottom structure, perhaps most certainly proves why gold, silver and the associated Gold and Silver Mining markets could have made very important corrective lows at their printed March lows. And somehow this same GOEX ETF allows that the entire Gold and Silver Universe may has printed the final lows of the entire year 2021 at the achieved March lows.
But at least, IMO, a tradable bullish breakout in the Gold Miners Universe is now triggered and after some research over the weekend I`ve recognized the GOAU ETF clearly printed the most solid looking bottom of all the Gold and Silver Miners Markets &&&& MAYBE the GOAU ETF even found it`s FINAL LOW of entire 2021 at # 51 // 17.51$ March 2021 correction low:
Watch this important bullish resolution carefully: By the penultimate weekly candle the red-lines of a double resistance was overcome on a weekly closing base. This is a strong bullish breakout above the faling yearly main resistance.
Also in terms of time, the weekly time frame was able to generate a buy signal as the price was able to take out the well-confirmed double resistance by the official close of the 56th week candle of the entire bull market which started at the # 1 // 2020 Low.
Or, til bull market Fib number week # 55 the 2021 main resistance rail of a monthslong Wedge or a monthslong Channel radiated main resistance only to positively resolve this yearly resistance rail with the very first week close that follows the 55 Fib number = potential major influencing time magnet.
As the bottom formed over March 2021 looks exceptionally bullish as we can spot a COMBINED small weekly Shoulder-Head-Shoulder (SHS) bottom as well as a rounded bottom formation what likely very successfully tested back the 18$ year-2019 highs and early-year 2020 highs horizontal &&&& since # 51 // 17.51$ current 2021 low BOTH, the MACD & Slow Stokes momentum oscillator, switched to a stronger buy situation we have received a lot of proof that the # 51 // 17.51$ current 2021 low is at least a significant and tradable multimonth correction low where a longer countertrend cycle should have begun.
==> The at # 21 // 26.77$ alltime-high (ATH) triggered monthslong Wedge/Channel correction usually is only a bull market continuation pattern which main resistance rail is now overcome on a weekly closing base. Overcoming the main resistance (price) by week # 56-close possibly triggered trend turn time signal together with the solid and very bullish looking March bottoming pattern offers the outcome that # 51 // 17.51$ bear extreme even marks the FINAL LOW of entire 2021. With some higher odd the 17.51$ should mean the final low of the first half of 2021...
The closing auction of the # 56 also means a first very strong weekly buy signal with regard to the GUNNER24 Method because now quite clearly the recent main resistance of the Blue Arc within the weekly 10 Candle up that is anchorable at the # 1 // 2020 Low was overcome and is recaptured. Look closely at the fact that the Blue Arc became a main resistance since about mid-January 2021. This makes this Blue Arc a falling resistance on a yearly basis.
==> The # 56 // 20.12$ close additionally is a HEAVY weekly GUNNER24 Buy Signal ==> The time & the price & the momentum & last but not least the GUNNER24, AT SAME TIME fire a perhaps very sustainable long signal!
Cause some MAJOR yearly resistances seem to be overcome finally now and maybe the # 51 // 17.51$ bear extreme even marks the final low of 2021 this underway bullish breakout as a consequence:
A) should hit and backtest weekly 21$ first square line resistance in a very rapid way, means very soon and perhaps within next 5 trading days.
B) Usually should test back the for the future very attractive upmagnet resistance formed by 1. lower line of 1st double arc ideal backtest uptarget and 2. another ideal backtest uptarget of natural 2*1 Gann Angle resistance out of the # 21-ATH and the lilac-dotted highlighted Gap Magnet Main Resistance horizotal which all unite at the 24$ for the coming months of May to June 2021.
==> ATH 1*2 Backtest Angle and lower line of 1st double arc uptarget form natural COMBINED future ATH resistance magnet and only overcoming this ATH double resistance magnet on a monthly closing base will be the safe signal that GOAU should reach higher ATHs in the weeks and months to come.
==> For GOAU these uptargets are now activated: Weekly 21.00$ resistance horizontal is the first uptarget of the underway bullish breakout and the 24$ is the/a MAJOR 2021 uptarget. This future big resistance backtest upmagnet might be hit sometime in the course of May 2021 to June 2021!
It also looks plausible to me that the weekly uptrend which with next week candle will be at the # 8 Fib number week starts a smaller pullback/consolidation (5 to 10 trading days maybe!?) once the worked out 21$/ # 8 combined price/time magnet has been hit. However, according to the GUNNER24 Trading Rules the VERY FIRST stronger week close above the future 21$ naturally strong resistance horizontal until mid-May 2021 would be the next big uptrend continuation signal on the weekly chart and a heavy confirmation that the MAJOR 24$ should/could be hit sometime May to June 2021.
The next one, the NYSE: GDX, the VanEck Vectors Gold Miners ETF, together with the gold on Thursday joined the gold bugs breakout party as the year 2020 Top to current year 2021 High main resistance rail was overcome by large. This is a tradable bullish breakout on GDX charts and by this the Gold Seniors follow the GOAU ETF with some time lag!!!:
Thursday`s GDX breach of the well-confirmed falling yearly main resistance is significant, means it is A) far enough above the yearly resistance line and B) strongly supported by the volume bar to become confident that this breakout cycle has a high odd to test the shortly after the 2021 High torn prominent = very attractive 37.50$ to 38.37$ Upward Gap main resistance magnet.
That 37.50$ to 38.37$ Upward Gap main resistance magnet seems to be the nearest yearly resistance above and is perhaps the most attractive uptarget of the breakout cycle.
Cause bull momentum looks strong and breakout above yearly resistance is supported by the volume we normally have to expect the rapid backtest of the 37.50$ to 38.37$ Upward Gap main resistance magnet.
From this usually heavy 37.50$ to 38.37$ yearly resistance area GDX shares may start another strong multiweek downtrend what could even print lower year lows in further course of 2021 and maybe towards July 2021 or so..., hmm, this is just a plausible idea so far, which I would like to explain a little further below
However, we should work with a nearterm uparget of "only" a 37.20$ for this breakout cycle. This choice is based, on the one hand, on the 40 week Moving Average (MA), what is a proven and confirmed important future resistance on the weekly chart:
The # 1 // 30.64$ so far year 2021 Low was caused by a natural yearly Gann Angle support that comes from the March 2020 Bear Market Low. The 30.64$ 2021 Low arrived at and has defended a relatively steep rising yearly support on weekly closing base!
At # 1 // 2021 Low a weekly up setup developed what usually should offer a very solid forecast and coming signaling because the Blue Arc is a 3 times exactly confirmed rail. There is the # 3 and # 5-top. This is double Fib number confirmation of the Blue Arc location, former important resistance, now usually strong future support. # 6-opening auction is successful backtest of the Blue Arc support from above.
And usually always when Blue Arc location is a strongly-confirmed magnet also the out of 2021 Low automatically developing double arc locations have a high value to become future important rails and areas for the price and should therefore also be quite safe future signal generators.
This week candle is # 7 of current uptrend and closed far above the upper line of 1st uptrend/bullish breakout continuation trigger line.
Because the bullish breakout above yearly main resistance and the 1st double arc area above looks sustainable and is supported by buying volume, + the daily momentum oscillators are signaling continuation of current bull power for some more days we should expect the rapid run into and quick work off of the weekly lower line of 2nd double arc above!
Because the extra-highlighted 40 week MA is a confirmed yearly resistance magnet what for the next 2 week candles runs at a 37.20$, I think this very close yearly resistance upmagnet should be hit during the now runing daily breakout cycle!
Watch it carefully that the 40 week MA together with the future 2nd double arc upcyle area unites to a very near combined yearly and weekly resistance magnet not only in terms of price but even in terms of price and THE TIME FACTOR!
The next week will be 8 Fib number of weekly uptrend, the week after the next week is 9 - 1 = 8 Fib number and ideally the double resistance at the 37.20$ nearterm uptarget has to be hit and finally worked off until Friday 23 (# 8), resp. Friday, 30th of April (# 9).
Of course it is allowed and maybe even necessary that the 37.50$ to 38.37$ Upward Gap main resistance magnet has to be hit at perhaps very important and coming # 8 to # 9-intermediate weekly cycle highs!
==> Nearterm uptarget for GDX is at least the 37.20$! It might be hit at coming week highs!
This 40 week MA and the 37.50$ to 38.37$ Upward Gap main resistance magnet could be an ideal yearly resistance backtest magnet at which a next possible some monthslong downward cycle can start, what may reach lower annual lows during summer doldrums. I include this bear option as the current 7-week uptrend is quite steep as the above chart shows. The upcycle looks like forming a bearish Wedge or Channel or so. But first we have wait and see what happens at the 37.20$ to 38.37$ or so yearly main resistance upmagnet...
Whenever a bullish breakout move looks as strong as this one, experience suggests that the next few days should hardly see any stronger downswings.
There should be only weak intraday dips and possibly only 1, 2 days of consolidation until the 37.20$ target likely is reached.
You should look for a GDX long engagement at nearest weekly support what looks to be 35.20$ to 35.45$ or so. This likely stronger future pullback support and double weekly support is formed by the upper line of 1st double arc and the dark-green dotted G24 Horizontal what springs from the highest price of the upper line of 1st and might be tested back early next week because the so far -15% max. sell-off on bitcoin over the weekend usually SPELLS nearterm TROUBLE is ahead for the stock markets, the gold, silver and the related Precious Metal mining stocks!
The last one is the yellow...
At the beginning of 2021 and fired by the turn of the year time event we unfortunately had to recognise that gold delivered a classic bull trap and had produced an important countertrend top very early in the year ==> the time factor signaled important highs to be made very-early in the year.
1. Because of this somehow obvious
bearish signal on monthly base, I promissed the gold should continue
it`s monthslong downtrend at least toward the 8th month = March
2. in order to then reach and work off its extremely important annual GUNNER24 Support Horizontal at 1722$,
3. to then and mainly influenced by the MAJOR YEARLY 1722$ support PERHAPS printing its final correction lows of a 8 to 9-monthslong Handle correction, which should also mean that the final Handle lows should also become the final lows of the year 2021.
In the course of March 2021 even the next lower 50$ annual MAJOR YEARLY GUNNER24 Support Horizontal at 1672$ was nearly exactly backtested and successfully defended by the at 1672$ surroundings printed March Double Low pattern. This daily and small weekly Double Bottom combination at first stage triggered a new but little bit choppy and sliding upside price trend which for weeks refused to take out the important 1750$ resistance rail decisively to the upside.
On Thursday also the gold started a moderately strong push higher and on Friday finally cleared the stubborn 1-month 1750$ main resistance decisively and on a final weekly closing base:
The bullish 1750$ cross on a weekly closing base offers that the 1673.3$ March 2021 low could be the final low of the entire monthslong corrective cycle, the final low of a to the 8 Fib number oriented monthly Handle cycle and additionally the final low of the year because an at least sustainable 2 to 3-month upcycle should have begun with that 1750$ buy signal on weekly base.
A likely 2 to 3 monthly candles uptrend starting at # 1 // 2021 Low usually has to test back the very-nicely confirmed and relatively steep phat-red ATH resistance because this ATH rail is for sure the most ideal existing backtest upmagnet and Dead Cat Bounce magnet on a yearly base.
To call the entire correction cycle starting at 2020 ATH to be officially over and a next big 5 to 12-month bull market leg with a high safety underway we have to wait for 2 consecutive weekly closings resp. the very first monthly close above the ATH resistance rail.
Until such next uber-bullish event is sealed we should expect a Major Dead Cat Bounce (DCB) uptarget to be made at a 1845$-1850$ or so sometime May to June 2021 as there and for then the ATH resistance together with the natural uptarget resistance of the 2nd double arc within above at # 1 // 2021 Low anchorable weekly 2 Candle up forms big, strong major future resistance magnet where the next deeper downside price move could be triggered what perhaps plans a serious backtest of the March 2021 lows => the red-dotted "Idea" arrow!
The unusual beaish event of the weekend bitcoin sell-off could also result in a weaker Monday and Tuesday on the gold charts, where the yellow metal could potentially come back to 1750$ to 1760$ daily support range. Gold bugs should definitely buy there for the 1788$ to 1790$ first uptarget and the likely very necessary 1845$ to 1850$ Dead Cat Bounce (DCB) uptarget! The GUNNER24 Method signals the 1788$ to 1790$ first uptarget, what is represented by the 1st double arc setting, should be hit sometimes next week what will be week No. 7 of countertrend and No. 2 of breakout cycle.
A rapid work off and test of the weekly 1st double arc uptarget is expected because this week # 6 fired a double GUNNER24 Buy Signal as in one move the former Blue Arc as well as the former first square line resistances were overcome with great force. IF 1788$ to 1790$ 1st double arc uptarget is hit early in the upcoming # 7-week (Monday-Tuesday), the risk is that the gold price has to pullback into the 1750$-1760$ daily support range first, before the weekly breakout is expected to resume higher.
==> 1 weekly close above the 1st double arc within the next 3 week candles is another strong confirmation that the 1845$ to 1850$/May to June Dead Cat Bounce (DCB) magnet resistance should be an important shortterm upside target for gold!
You best register with our GUNNER24 Gold Trader now. That’s where we oversee the optimal entries and exits for you. Especially in the difficult market situations where many factors have to be considered the Gold Trader is backed by the additional GUNNER24 Signals based on the combined 1, 4 and 8 hour setups to catch the optimum entries and exits.
The GUNNER24 Gold Trader will provide you with the critical knowledge you need to forecast and analyse the precious metals with the GUNNER24 Forecasting Method. All the GUNNER24 Trading Signals you receive real-time are based on the actual Gold and Silver Future. The NEW GUNNER24 Gold Trader is a must for every actively working investor and trader who wants to trade successfully in everyday trading. The insights you receive from the head trader Eduard Altmann (and discoverer of the GUNNER24 Forecasting Method) are truly amazing sometimes. I promise!
Click the button below and order the GUNNER24 Gold Trader - $39.90 US a month. For 201 members and up - $49.90 US a month.