For a short term swing trade, buying DGLD
because it has closed below the lower red channel area with above average volume
. Potential downside target is at 126.00 area. If things get really bad for Gold
, it can head down to 123.00 area in the next several weeks. Stop loss will be a close above the red channel line.
Keep in mind, we are going against the trend because gold
is still above the 100-MA.