Jnug as a guide to Gold price movment
Since my spot gold chart is too cluttered to post, I thought this JNUG chart may be a better guide.
I use mostly Cycle analysis, and to a lesser degree .... Technical Analysis for price guidance, Max Pain Expiration, Cot report Tuesday cutoff, and typical seasonal movements. Oh and lets not forget the dependency on the data on the economic calendar as well. As of right now I am neither bullish nor bearish due to a couple factors. We are in and have been trading in a wedge. One that is starting to look like we wont get out of until the 3rd week of October. Only to trade in a larger wedge. note(I almost hope Gold does drop to a double bottom or close to it so I can trade it all the way down and then all the way up again).
If we don't break higher (Past Approx 1375 -80 range) by the end of September, then this is going down hard.
The shaded square boxes are the Max Pain price targets. Obviously the further out they go, the less reliable they are. They may change week to week. But still fun to note. Trying to keep an open mind.
I am looking for the current cycle to bottom in mid October and to be left translated. The next daily cycle, also left translated , should bottom in late November, and the final daily cycle for the year should peak at 26.48 range before heading down.
Lastly, the fact that, as of right now, the Max Pain price target in January is very, very low, suggests to me that the Fed will not raise rates until the January 31st meeting. After that, then Gold and Jnug should fly.
XAUUSD, JNUG, NUGT, DUST, GOLD, GDX, GDXJ, JDST
I use mostly Cycle analysis, and to a lesser degree .... Technical Analysis for price guidance, Max Pain Expiration, Cot report Tuesday cutoff, and typical seasonal movements. Oh and lets not forget the dependency on the data on the economic calendar as well. As of right now I am neither bullish nor bearish due to a couple factors. We are in and have been trading in a wedge. One that is starting to look like we wont get out of until the 3rd week of October. Only to trade in a larger wedge. note(I almost hope Gold does drop to a double bottom or close to it so I can trade it all the way down and then all the way up again).
If we don't break higher (Past Approx 1375 -80 range) by the end of September, then this is going down hard.
The shaded square boxes are the Max Pain price targets. Obviously the further out they go, the less reliable they are. They may change week to week. But still fun to note. Trying to keep an open mind.
I am looking for the current cycle to bottom in mid October and to be left translated. The next daily cycle, also left translated , should bottom in late November, and the final daily cycle for the year should peak at 26.48 range before heading down.
Lastly, the fact that, as of right now, the Max Pain price target in January is very, very low, suggests to me that the Fed will not raise rates until the January 31st meeting. After that, then Gold and Jnug should fly.
XAUUSD, JNUG, NUGT, DUST, GOLD, GDX, GDXJ, JDST
Comment:
well, well, well...Jnug closed at $17.35! Right smack dab in 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 to $26.50. Ill be watching closely at that level to see if it breaks through that wedge line to the $29+ range, but I doubt it. Next price target for 9/23 is around $21.50