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rjtchch
Nov 16, 2019 12:53 PM

Gold bear watch Short

Direxion Daily Gold Miners Index Bear 2X SharesArca

Description

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
Comments
Harihar1
So should get in dust !! Correct?
rjtchch
@Harihar1, perhaps, using dust to short gold seems to be a bit of a flawed strategy as sometimes they are not that correlated sometimes. but it works for me because I have miners. Triangle I drew on dust is obviously broken but gold has still not recovered, so hard to say.
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