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rjtchch

Gold bear watch

Short
Direxion Daily Gold Miners Index Bear 2X Shares (AMEX:DUST)  
rjtchch Updated   
AMEX:DUST   Direxion Daily Gold Miners Index Bear 2X Shares
Supply and Demand Support and Resistance Triangle
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supplyanddemand supportandresistance triangle
Gold has broken down from a clear descending triangle formation and just made a bearish retest.

Fundamentals are strong going forward but can't ignore the worrisome technical picture here.

I Hedged my miners portfolio with DUST. Miners could have a violent break down as they have been lagging gold.

I do not think we will reach the more bearish targets, but I am thinking we have a higher than 50% chance of going sub-1400.
Comment:
I'm thinking 1360 or 1385 as THE DIP opportunity on gold
Comment:
this idea has confluence with a retest of daily 200 MA
Comment:
over the last week, I scaled into a large DUST position to hedge my entire portfolio and am now net short.
Comment:
gold appears to ave a perfect bearish retest
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