jnug to gold
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 this, this should have skyrocketed. Not a damn thing we can do about it except wait it out and look ahead. I looked up what happened on June 3rd to create such a huge run in Gold and Jnug . It was bad non-farm job numbers. And look at how it ran.
So I am looking ahead to Monday of course. But mainly because I am kind of curious and excited to see what China does after having to watch gold get artificially pushed down soooo much. Yes I still think this goes up but I don’t want to get anyone’s hopes up too much, So I will not try to call a top. I still think we are in the black broken line channel for now. Hopefully we trade back to the top of it before turning back down. If we get close to that, I for one am selling Jnug and buying Dust.
If you are able to check out the , you will see that was huge. This is a very good sign. I feel like with a suppressed price movement and a huge spike, that the catapult has been pulled back as far as it can go, all we need is someone to release the pin. Maybe China.
So as you can see from my chart, I am thinking maybe 1 ½ to 2 weeks more for Jnug before it turns down again. Left translated means this could go down lower, but I am not sure it is ready to break that neck line, if in fact this is going to be a pattern. SO if it does go lower, then the if probably off the table.
If anyone has any info that could be helpful then please feel free to add it. I am curious to hear what that “chartfreak” guy has to say from here on out.
Tell me where I went wrong.
This is just food for thought.
So you anticipate 19.63 as top!?
I lived in Shanghai for years, so Monday WILL be an UP - a HUGE up. "Knowing" Chinese they will demonstrate power and push gold up tremendously... they will show the US not to screw around when they are on holiday... Somebody dropped $2 billion - Chinese will probably see that as a challenge. Their magic number is 8 - so where can we go with $8 billion?