I've been silent the last few days. Last trade I got stopped out for a profit. No regrets there. I'm taking a small position here, as NUGT is oversold. The red slow line in the stochastics is below 15 now. The last few times this happened in the past, a small rally occurred. I expect the same here (and this position is a hedge against market weakness). I...
Testing out my new indicator. Early indication... NUGT will pop up on the open tomorrow, (Wed) morning.
Long Gold: 1.) Lower global growth projections and limited monetary policy flexibility (rates already low/negative) 2.) Potential Head and Shoulder pattern completion on S&P 3.) China trade deal hype has been bought and priced in 4.) USD showed strength, but gold prices remain supported. Indicating buyers are coming into the market. 5.) 2, 5, 10 yr yields are...
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).
If gold can hold up here I see a decent up in mining stocks on the cards. Sure its got strong overhead resistance but looking at 26 short term then evaluate.
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.
I also want to post this chart for those who prefer the riskier investments. If GDX prints a 4.3 $ rally during the next 2 months that's a 20% profit. At the same time NUGT will print a 60-70% rally. It means by the end of October we might see NUGT at 31$. We will not reach yesterady's breakdown volume but the volume not bad so far. At the same time gold is...
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...
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
I am long this baby as of now. Targets 18.13 and 18.83, stop 13.87 - CHA CHING!
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...