chartwatchers
Short

GOLD - Testing back the breakdown level

FX:XAUUSD   Gold / U.S. Dollar
3463 35 41
Gold             seems to be testing back the breakdown level (and the 100 EMA ) on the hourly chart.
After Monday's monster move down we needed some kind of consolidation.
This level should hold now as the dollar continues its rally.

We have to get prepared for the dip buyers. The big funds will be positioning on this way down for a long term hold (3-4 years) in gold             . They might come out of the shadow and start to buy at every oversold point of the chart.
Comment: The volume of the last 16 hours of "rally" very low. I'm still thinking that it's a only testback or a fakeout move. The next 4 hrs candle's volume will be the big volume. Let's see what's happening there.
Comment: With the weakening dollar gold should have rallied much much more today.
I see internal weakness in gold. And DUST almost in 0...

Holding all XAUUSD short positions and DUST long positions.
Comment: We are in a critical zone now. If we break down the 1270 level I think the chance is very high that the backtest is done and we are heading down...
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Comment: Again...
Could someone sell into this 100.000 contracts please to break it down?
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Comment: Thanx!
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Comment: I'm watching this channel now:
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Comment: Miners are not buying this gold pop:
DUST +6.5%
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If Gold tanks, will stocks tank and the dollar and treasuries rally. I think I have seen this before and would this be a confirmation of the move. Like your insights. Cheers mate
Reply
Miners are not buying this gold pop:
DUST +6.5%
Reply
nexuz chartwatchers
maybe some big bulls wanted to get out? the up move is completly gone now
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RogerS PRO chartwatchers
whats the diff between DUST and GDX ? Thanks mate
Reply
There are 3 ways to invest in gold miners:
1. Buying individual shares : for example Barrcik gold, ymana gold etc.
2. Individual shares are risky: some of them will run some of them will fall. But you ca buy the whole sector if you are buying GDX.
GDX is and ETF. The Fund seeks to match as closely as possible the price and yield performance of the AMEX Gold Miners Index. If you are buying GDX is similar if you go long in all of the holdings what GDX has :http://www.marketwatch.com/investing/fund/gdx/holdings .
3. If this is not enough you can jump into an 3x ETF . GDX's 3 ETF is NUGT. When GDX rallies 3% NUGT rallies 9%. You can go long in this when a big move is starting : like in january this year.

DUST is the inverse fund of NUGT. When you are buying DUST is almost the same as you short NUGT. It's a 3x ETF also.
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chartwatchers PRO chartwatchers
Actually the 3x ETF s are used for hedging. It's a very risky trade. But also can make big gains with it...
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RogerS PRO chartwatchers
Thanks mate !! Very well explained !! Now we just have to 0_0 and learn !! :)
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and again at 1271/72... retest?
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MoLee nexuz
I certainly hope so.. if not we be having a reversal on our hands. But gosh.. how many times they wanna retest?
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nexuz MoLee
maybe news trading or smth like that
Reply
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