Gold's 6 year long backtest is nearing an end. JNUG/JDST likely to reverse and reconverge at mean.
GDX is still 12% below its 2016 highs, despite Gold having already surpassed its 2016 peak of 1375 by roughly 5%. On top of this, the GDX having more exposure to unhedged miners should result in GDX out-performing the HUI hedged senior miners in a bull market. This is not the case, as the GDX is actually under-performing the HUI. Highest probability assessment...
Look at the RSI. Also here is an update on some charts I have done in the past. I still have a $1500 high coming and a $1300 low in gold. Atleast what the chart has given me so far. The pullback typically happens toward the end of the year. We will see. -Coach Reevs
I'm anticipating the FED not cutting rates - this will cause other central banks to cut, which will force the dollar $DXY up and gold down. Chart looks like a double-top is forming with momentum sliding. Again, the only way gold goes up if we start war with Iran which last week looked like it was going to happen. Doesn't look like most of the globe is accepting...
Gold is oversold on the RSI. Had a doji reversal last Friday. And HUI miners keep signaling lower gold. Anticipating a move back to 1300. JDST is near previous all time lows @ 29 from February If the Fed doesn’t deliver a rate cut Wednesday, expect gold to sell off
Basing and Boooooooooooooom
Bearish Head And Shoulders Pattern on JNUG. JUNIOR GOLD MINERS TP 4.83 JNUG AMEX:JDST AMEX:GDXJ
JDST looks like it will touch/surpass its previous high at $55. If Gold continues to decline towards 1220, JDST could easily reach $80.
$nugt $dust $gdx $gdxj $jnug $jdst $gdxj Potential for more pain for miners before a powerful run up
$gdx $nugt $dust $gdxj $jdst $jnug bearish gart (xabcd) I'm bullish on gold long term but I don't like this. CAREFUL NOW
if you have any insights of my count please tell me
I like the look of this chart of DUST. I bought this morning. It's always risky holding over the weekend but its a small position, relative to all holdings. GOLD is breaking below $13000 looks good for a pullback. Cycle wise we are due.
Gold is looking to retrace back to around the $1300 psychological level. This is right around the .786 fib level of the current move. Gold is still in an uptrend overall, and may just be in some need for slight consolidation. Also, with the dollar index showing slight signs of strength, this may push the gold price slightly lower.
I believe gold will retrace to the next fibonacci level, and may possibly bounce from there or retrace further to the .5. a small dead cat bounce was observed directly off of the first fibonacci level, with strong sell volume present.
RSI, STOCH, channel and XAUUSD prices in line for short term swing here