It's happening! Gold is sliding - it's been only minutes since we heard the opening bell and gold futures are already down by about $50 today.
This week's intraday high was $2,974 and gold is already over $120 lower.
It's the final session of the month, and this means that we're almost certainly going to get ENORMOUS monthly reversal candlesticks in gold, silver, and mining stocks. You know what that means, don't you?
It means that it's time to buckle up and prepare for an exciting and profitable ride lower! If you haven't opened your trades for this massive opportunity yet, this might be your final chance.
I Told You That Gold's Top Was In...
Remember when I wrote that the top in gold was likely in? Just one day after I wrote that a rally in the USD Index might trigger declines for many markets?
When gold was trading over $100 higher (just a few days ago), I wrote the following:
The markets look ready. The writing is on the wall. The only remaining thing is the trigger -- the spark.
And it might come from the USD Index.
The U.S. dollar clearly moved back above the 2023 high after bottoming at the 38.2% Fibonacci retracement and the lower part of the declining trend channel. Fibonaccis work.
To be honest, the move up in the USDX has been tiny compared to its medium-term potential -- at least so far; and despite that...
Gold price plunged! At the moment of writing these words, gold futures are down by over $120 from this week's high -- and the week is not even over yet.
Before moving your attention to the next point, consider the extraordinary excellence of the triangle-vertex-based reversals technique that just worked for gold. This time, it was very close to marking the exact top. And our subscribers were informed.
From the monthly point of view, we see that gold is barely up this month, and that it's most likely about to form a clear monthly reversal candlestick. Since it formed on a monthly basis, the very bearish implications will also most likely be in terms of months.
In other words -- this is not the end of gold's decline, it's its beginning.
The same probably goes for another USDX alternative -- bitcoin. The "new gold" is following a specific, long-term pattern, where it tops at its previous rising, very long-term resistance lines.
The immensely important $100k level didn't hold, and the invalidation showed that perhaps this market got oversaturated.
On the short-term basis, we see how severe the declines in gold, silver, and miners are, and how little it took to trigger them. Stocks barely moved lower today, and the USDX barely moved higher.
Those markets were truly primed for a decline, just like I've been warning our subscribers.
All in all, falling stocks, the USD Index poised to rally, and gold that just couldn't wait for the USD Index's rally to start declining together paint an extremely bearish picture for the gold mining stocks (especially junior miners and mid-tier miners).
If you've been waiting on the sidelines for the current short trades -- this might be your final chance to get aboard before the train leaves the station and quickly disappears.
Want to Know Exactly How to Profit from This Move?
In my premium Gold Trading Alerts, we provide detailed guidance including:
· Specific profit-take levels for GDXJ, NEM, and FCX
· Actionable option strategies for advanced traders
· Exact target prices for gold, silver, and mining stocks
This is a rare opportunity to capitalize on a major market turning point that we accurately predicted.
If you want the best, you'll find it in our Diamond Package. There are many other premium plans available, though. Choose the one that suits you the most.
And if you'd simply prefer to stay up-to-date with what we have available for free, our free gold newsletter would be a good choice -- sign up today.
Thank you.
Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief