GOLD ! That was a huge let down bearish reversal candlestick on Friday with huge bearish volume. This is not breaking out this time. These banksters are wicked evil when it comes to setting everyone up to go long. But I did not fall for it. I believed in my cycles and we are just too late for a breakout rally like everyone is talking about. We will drop until around September 4th - 7th. And I do not expect it to drop below the 1230ish range before a bounce. In my opinion September is its last chance for that breakout above the 1305 range for this year. If it fails again then it will indeed drop hard into the end of the year at the least. If you zoom out you would see that the yearly cycle low is fast approaching and if gold does not make a higher high than the 2016 top then that would suggest that we are back into some sort of bearish trend. You know...lower highs. Like I said.....be cautious here folks. Patience is not such a bad thing here. You could always play this drop and then short term bounce and then wait and see what happens. But your trading is up to you not me. So GL.
Jnug is also going down. I think its in a channel. So if it stays in the channel for this drop then I show the yellow ovals for my first price target around the end of the first week of September. If it breaks through that then Jnug could reach the $12.45 range. I am not sure how well this will bounce though. IT would have to get through that downtrend line and red resistance zone before heading back up to the $18 range. We will see. That's all folks. Short and sweet.
Jnug is also going down. I think its in a channel. So if it stays in the channel for this drop then I show the yellow ovals for my first price target around the end of the first week of September. If it breaks through that then Jnug could reach the $12.45 range. I am not sure how well this will bounce though. IT would have to get through that downtrend line and red resistance zone before heading back up to the $18 range. We will see. That's all folks. Short and sweet.