Let's see. TLT is up. VIX is up. Gold price up. DXY cannot break though 97 again. Stock market indexes neutral.
I think some big money is moving into defensive positions. I'll open a position in NUGT as a hedge. Watching DXY to see if it goes higher than 97. If DXY drops from 97, NUGT should see a good return (hopefully).
NUGT -Macro Downward channel and short term Fallen angel setup. Could be about to breakout. Could consider an early more aggressive entry above 20.59 , 21.59 as a more conservative entry. Stop signal 18.77. First target 25.83. Longer target of 35.33 Could Consider April or June $22 Calls.
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Selling pressure is strong here. Could mean a correction for the index and possibly also for gold prices which it is correlated with strongly. Gold has made short terem fresh highs above 1280 which could mean a small correction while other large index like NASDAQ and SP500 stage a recovery.
Nugt is a 3x . your starting to see GDX setup. this is a nice bottom booty bounce setup here over the break of this trendline
stops would be at 9ema on daily chart. STill needs to setup intraday looking for break and then dip
Pattern: Rising Triangle textbook breakout of resistance
Edge: There is bullish divergence in the money flow and it is breaking above the zero line. The "squeeze" indicator is firing today (red dots turn to green), which shows an expansion in volitily and indicates that price may start to move more drastically. It is firing "long" as the histogram is above zero...
A positive momentum divergence ignited the uptrend channel we see in the gold market. After the drop it had yesterday we saw the support held right at the bottom of the channel, which is a bullish signal. Continuing on this direction a target of 21 is on the radar once the resistance is broken to the upside.
Had anticipated a reversal in XAUUSD if the broader markets recovered and the VIX dropped with an increase in dollar strength, XAUUSD broke an hourly channel today and is now potentially forming a bull flag based on consolidation over the last few days. So if Xauusd continues higher I am expecting the Gold Miners to do so as well. Head and shoulders pattern on GDX...
If FEDs go back to the printing machine (further damaging of the monetary system), then would a sovereign hedge make sense?
I think the recent stock market volatility have made the FEDs think twice about being too hawkish. If my investment thesis is true then i think i'm seeing early speculation in #gold that indicates an alternative route to raising rates....
In important turning points in social and political behavior,
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I may be early,... and the technical pattern may not have turned bullish.. yet
but I am suggesting you...