Gold Miners (GDX) is at the very bottom of a major channel and could rise up before reversing the trend by completing a H&S pattern. If TP # 1 is passes, $25.50 would be TP# 2.
In reference to XAUUSD falling, for the coming 5-6 weeks, NUGT is forming the forth leg of BAT or CRAB patterns, Most probably CRAB. I would keep an eye on the four targets. Tp1 almost met. My best educated guess is that DUST will reach 20$< Just above the point X
You may want to hold SHORTING NUGT at least until end of June, early July. Let us see how the price...
With Gold correcting I can see a Bullish Bat pattern playing out. If the pattern fills, we can expect a low of $59 and then a 50% retracement higher to the $85 area or 44% gain. Wait for it to breach $59, then buy. Take the DUST trade now, IF you feel comfortable with the 3x.
$GDX appear to be going through another phase of bullish absorption of supply; however, in doing so violated the 2/1 Gann Angle. Law of Angle suggest that 3/1 angle support should be tested. This correlates with previously defined support 5% lower
Gold is testing lower levels of support as market participants aim to price in a potential rate hike in June by the Federal Reserve.
While intraday price action is oversold, the daily chart is indicating further selling could continue to below $1,230. If a close below this key level occurs, traders can expect XAUUSD to reach $1,215.
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I've been following GDX for a while. Bulls are trying to absorb supply again. If so it is very likely going to test longer term resistance likely established in 2014. I remain bullish above $23 buck
THIS IS AN UPDATE FROM THE LAST POST
GOLD IS FOLLOWING THE MODEL OF THE "PATH OF PRICE"
WATCH FOR LATE LATE MAY THROUGH MID JUNE...
BREAKING DECISVELY ABOVE 1335 NEGATES THESE PATTERNS
JNUG rise will fill gap in next 6 weeks with gold on the path to go above $1300 to at least $1338 in the next few weeks especially as Sell in May comes into play with global growth slowdown impacting earnings for many companies especially Blue-chips. The view of gold as safe-haven asset in times of volatility and turmoil will help this rise in addition to it...
Whose buying NUGT? I think that gold and miners are very over extended would you buy NUGT now? It could make you the guy holding the bag when it opens 20% down. Its just too late in the cycle to buy NUGT here. I'll wait for a pullback to get in. Buy DUST? Not sure I would do that any time soon. Too hard to tell. If you listen to others shorting a baby bull is a...
