We were consolidating in a box during the last few days. The key level is : 1241.26$. A significant move below this level will trigger a big breakdown as the range traders will realize that the party is over.
This is still not the panic selling but we are getting close. We might break down 1241 today at the GDP data or early next week when USA is closed for the national holiday.
We tested back the 100 and 200 SMA in the night and it seems the 50 EMA is starting to play the main role again.
Well,in my humble opinion..we will not see any bank "bulldozer" attack in pre-market today..because ,monday is a "coordination " day when bullion banks trading desks re-programm their algobots..they rarely "attack" on mondays..but wednesday is a different story..if they do "attack" ..they ll do it after holidays,if im right....and then, next day they would push the price up again..im not shorting juniors today..i will be waiting for the price action on wednesday and may enter small position in JDST or add to my position in GDXJ..
Good trading to everyone!!
mchen
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JDST in fact has been holding up far too well vs gold prices, hope justice will come soon.
mchen
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JNUG I meant
chartwatchers
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@mchen, Let's see this after market close. If I'm right today will be a massacre in the miners...