You've got a lot more to prove longer term as you face a resistance storm ahead, you do realise? Yes, your trend breakout is in direct correlation with negative sentiment in the main indexes so don't get too excited yet. The big money is just using you as a hedge right now. Oh btw - Here's a study conducted by Thomas Bulkowski on trend breakout failure rates -...
Given the large gains seen over the last two days, there could be support in the cards for leveraged minor ETFs following profit taking. NUGT, Direxion Daily Gold Miners, is the 3x leverage of the Market Vectors Gold Miners ETF (GDX). Price action is heavily to the downside, reaching support at $9.11 – forming a triple-bottom on the two-hour chart. Price visited...
The 50 day simple moving average combined with the .618 retrace held as support...for now. Gold could bounce from here but if not 1200 would be a good entry point.
Pick a Side Red or Blue. I want to see the RED play out, but I think it will be the BLUE What do you think???
Just a simple chart showing FOMC results on SPY.
These are just my trend lines in the chart. take a look and make your own decisions.
Gold is battling the 100 day simple moving average and a downward trend line. Volume has been decreasing which may indicate this move up is tired. IF gold breaks 1225 with decent volume, then 1240 is a given and 1250 is resistance. 2 possible trades here. 1. gold breaks below 1200, easy short to 1180 OR 2. break of 1225, easy long to 1245ish.
The average time between DUST/NUGT crosses the last 2 times is 82 bars. If that happens near the average were looking at the end of January. I think NUGT has more downside first but I would like to see 1125-1150 hold for gold and 8-8.50 hold for NUGT before getting too excited.