There is a wolfe wave setup on the Daily time frame. The projected target is calculated by extending a linear line between pivot 1 and 4 and projecting the line. This is represented as the green perforated line, as shown in the chart. The projected target is approx $75 which is expected to reach this price target within 12 days.
GC still holding the trendline pretty well with a "zone" to match. Could be an easy entry. Loking for this to rise maybe overnight up into the trendline/zone with a drop to follow. Could see good prices on PUTs if this happens and catch it off the rise. Any positions held nust be patient. Trend is your friend "until the end"
The Junior Gold Miner's ETF performs better on average when it closes above the previous day's Hull Moving Average than when it closes below. This relationship is particularly strong in the months of June and December, historically JNUG's strongest months. (Anticipators of gold's historic June strength likely drove gold's bull run on May 30-31.)
Today JNUG...
We experienced heavy selling pressure on gold today once the head and shoulders pattern was confirmed at 1292 neckline .
Will be going short at 1283 with a cross of the 20 and 50 period simple Moving averages. It’s also a match at the 618 Fibonacci retracement level. Looks like The 20 day moving average which is near 1255- 1256 will be a good place to cover
