Im bearish everything short term, including gold. Bullish long term though.
My gold chart work shows a low coming in Nov or early Dec. 2020. There are lots of unfilled gaps on dust and jsdt. Momentum indicator at the top is diverging
DUST did some nice work today on this 15 min chart. Held longer term FIB at the golden pocket and the shorter term Fib at .50 with what appears to be a W bottom. Take a glance at the daily chart volume and the pick up in buying volume. Still think miners are overbought and need a little more time in the penalty box. GDX definitely doing some consolidating...
DUST is filling a gap from last Monday's pop on the news that Buffet purchased GOLD. This is roughly the .50 FIB retracement level. I think this is a head fake and that this weakness should be bought. GDX is not oversold yet and in my opinion still has a little more correcting to do.
DUST ran from 16 to 20.66. Has retested the .50 Fib retracement level which was the gap up opening level from Monday. Still rip for a trade.
DUST held Fib support from yesterday's swing high and low. Made a higher low from yesterday and just made a higher high as I edit my idea live. Miners looks super extended and failed to make new highs despite the strong moves in gold and silver. Not sure how long it lasts but the time may be write for a miners counter trade. As you know I am a precious metals...
buy 17.60 to 18.85 T1 23.40 T2 27.85 SL closing under 14.95
Don't get me wrong, I love gold/precious metals and the miners but sometimes a little perspective is needed. The miners index is in nosebleed territory with 92% bullish and negative divergence on the RSI(5) and MACD. Then I started looking at DUST, an inverse ETF and a large bullish wedge is appearing.
DUST - it is looking good for day trade
Look as yesterdays low in NUGT at 11.70 and DUST traded to 5.80. This morning NUGT trading same place but dust is 4.65. Can anyone explain this?
NUGT up 300% and DUST down 80% in two days. I suspect that this may reverse tomorrow.
Are we going to have another flip/flop? Today you had NUGT trading $5 and DUST over $18 premarket. NUGT was up over 100% from the bottom and DUST off 70% from its top. The flip/flop may persist for a couple days. Watching closely and trading nimbly.
In three weeks DUST went from $4 to $14. Hyper parabolic move needing significant correction. Make sure you pick up NUGT!