GOLD ShortGold hit top trend line and fib extension and now has put in bearish RSI divergence and been posting low volume. Expect a correction to the noted fib levels.
JDST
BUY GOLD WHEN DXY CROSSES BELOW 50 EMABuy gold when the U.S. dollar crosses below its 7-week EMA and to sell gold when the dollar crosses above its 7-week EMA
DOLLAR INDEX SMALL UPTRENDSMALL UPTREND ON THE USD, LOOKS TO BOUNCE OFF THE UPWARD TREND. WAITING TO SEE IF IT WILL BOUNCE OR BREAK LOWER.
Gold's bearish moves back to the bottom of channel. We didn't break the upper trendline and came down to break through the smaller TF lower trendline to find more buyers. Indexes continue to drop so we'll watch where gold finds ground to push from. Either 1370 or if it needs more buyers and better timing (the end of the week maybe with new economic press) we'll hit 1350 before higher targets.
Short Before the Greater Bull Direction COT report still showing a large number of shorts that were only added to after Brexit. Hedges? Or smart orders looking for the bottom before overbought markets correct. There's a lot of market profits to be pulled and after US election conventions we could see a big change helping to fuel metal's new bull path.
Short GoldRising Wedge Formation. Bearish reversal - wait for retest or start scaling into a short gold position.
XAUUSD Ready to ShortMy take on XAUUSD for the near future. Currently at the 50% fib, maybe reach the 61.8% mark or move close to the trend line around $1260. Then short from there down to new lows. hopefully DUST and JDST will sky rocket then when the miners drop. The dollar will need to move to new highs hopefully due to uncertainty about Brexit and the effect on the Euro and the possible Fed rate hike. If the trend line is broken the NUGT and JNUG will sky rocket.
Gold - Pick your poisonBullish case
• Recent Impulse move with EW rules still in tact
• Huge rally on Friday 3rd June, right at the 61.8%
• CoT recently favorable
Bearish case
• Still in Multi-year down trend
• Divergence w/ Failed breakout, now in favour of primary trend
• CoT currently favorable
GDX Long (2 days) then reversalGold Miners (GDX) is at the very bottom of a major channel and could rise up before reversing the trend by completing a H&S pattern. If TP # 1 is passes, $25.50 would be TP# 2.
GOLD Approaching Short ZoneGold retrace to bottom previous channel support. Then fall to blue support.
Time for a miners pullbackKey level in US dollar here...
GDX: Limited upside until first resistance level.
Longing JDST here without planned stop loss...
Miners are pretty overstretched with JNUG +800% over 4 months.
DXY LongOil breaking short term downtrend.
Bullish reversal hammer forming.
RSI bullish divergence.
Plays: DWTI, JDST, USDJPY, USDCAD....
GoldBearish, then bullish. 200 ema and sma on weekly are important. Bullish above weekly cloud though.
Hey Gold, what are you up to so fast...?You've got a lot more to prove longer term as you face a resistance storm ahead, you do realise? Yes, your trend breakout is in direct correlation with negative sentiment in the main indexes so don't get too excited yet. The big money is just using you as a hedge right now.
Oh btw - Here's a study conducted by Thomas Bulkowski on trend breakout failure rates - thepatternsite.com
I trust you're probably no exception... Adios amigo, for now...
Bullish Leveraged Gold ETFs Get Hammered – A Pullback Warranted?Given the large gains seen over the last two days, there could be support in the cards for leveraged minor ETFs following profit taking. NUGT, Direxion Daily Gold Miners, is the 3x leverage of the Market Vectors Gold Miners ETF (GDX).
Price action is heavily to the downside, reaching support at $9.11 – forming a triple-bottom on the two-hour chart. Price visited this level on December 16 and 24, and NUGT is currently treading water. A short-term pullback is probable given the steep oversold condition, with the RSI at 16. The – DMI has ticked lower, signaling that downside could take a breather. However, the ADX is still sloping upward which is indicative of strong trend continuation.
Next, the underlying benchmark GDX is showing the same negative sentiment. The chart, in many ways, is similar to NUGT. If the gold miners ETF can rally to the targeted resistance level of $18.46, this would represent a 9.51 percent increase in NUGT, or a move to $9.98 and just shy of the $10.08 resistance level. If prices can extend to the second resistance target of $18.74, NUGT could potentially extend to $10.33.
Conversely, there is the likelihood that the intraday trend could continue lower. In this case, if GDX were to trade lower to the first support level of $17.55 then NUGT could move lower to $8.37 and break the triple-bottom support. A larger move to $17.35 would reflect a 28.5 percent loss in NUGT, causing the bearish ETF to fall to $6.48.
As always, intraday charts are vulnerable to significant volatility caused by headline risk and potential outlook is only suitable for the next few trading sessions.
See full post here: bullion.directory
Gold looking for support The 50 day simple moving average combined with the .618 retrace held as support...for now. Gold could bounce from here but if not 1200 would be a good entry point.
Pick a sidePick a Side Red or Blue.
I want to see the RED play out, but I think it will be the BLUE
What do you think???
FOMC releases placed on a $SPY chart. $DIA $NUGT $JNUG $AAPLJust a simple chart showing FOMC results on SPY.
