Bulls in danger of loosing it all, Breach of $1255 Gold Spot invalidates Inverse Head and Shoulders. Bears pressing to the max. Downtrend could continue to $1220-34 range before a bounce. 15min time frame shows A/D w/ potential Inverse Head & Shoulders, however Strong Head and Shoulders on 30min A/D chart. Watching Gold for $1255 breach will only short scalp from here
4 hours chart
Lets start with what I got right. Non-farm payrolls was a miss and unemployment ticked up to 5% and as a result of this poor data, yes we gapped up at the open. I was saying between $1 and 1.50 and it was $1.21. But then down she went. So what went wrong? Yes its manipulation. Just about any other time of the year when we get numbers like...
2 hours chart
As my data changes, I will update posts and charts as early as possible.
Is anyone not confident that we go up?
I believe we had our bottom today and a nice reversal. Gold should follow soon. I believe that we are going to get some economic data in our favor either tomorrow, but most likely Friday, that will launch this thing. I am looking at...
I expect USD to increase over the next week or so and with that in mind gold prices will be lower. My idea would be to choose one day to buy JDST and sell at the end of the day. I don't like to hold 3X Leveraged ETFs for more than one day (overnight) because of re-balancing, Once my target price is reached I may sell and buy JNUG for the ride down. It is always...
I wasn't going to post another chart until Friday but after reading my update, it seems easier to follow along with what I am saying with the updated chart as well. Ignore the Pink arrows and boxes, that's just for me to keep an eye on.
well price dipped below the major trendline today, signaling that sometime in the not too distant future it will drop below it....
Support Level 1316, next horizontal support 1308. Resistance 1338. Gold will need a catalyst to move it up. Possibly OCT 1 china is admitted into the IMF SDR basket. China entry could weaken the dollar. Next catalyst is a no hike for December. I can see gold reaching 1400 by the end of Dec if we get no hike at all this year.
Well the black trend line did not hold like I thought it would. Price also briefly dipped below the blue trend line. That is usually a signal that it will be broken in the near future. So it appears that jnug will continue down tomorrow.
The two areas that it could bounce off of are $17.50 range and if that is broken then $16.67 range. But that looks to be...
SO, While researching DUST, I discovered a possible conflict for Jnug price targets.
There is possibly another path, represented with the pick arrows and boxes. So here is my trading plan (subject to change as we proceed).
I currently hold DUST, which I bought this morning (9/22) when I saw JNUG get rejected from the upper wedge. I plan on selling DUST,...
So I was bummed that gold took off after Japans non move. Oh well, Im still buying Jnug for the short ride up.
Just a brief update today. I have slightly moved my arrows (price movement). I also included the Fuschia colored and black vertical lines to mark DCL approx. dates and the Black vertical line are what I believe is ICL bottoms.
My Idea is that jnug...
well, well, well...Jnug closed at $17.35! Right smack dab near my price target area of around ($17.50). And the week before it closed almost perfectly in the price target as well. So just to update, I think that Jnug will bottom around the $16.20 on Moday or Tuesday. Then with no rate hike, we will get a small run for a couple to fours days. I am looking at least...
