crazy action today. That was likely some short covering this morning up to the 1520s. Bears came back strong. This looks like a bit of a falling wedge so hopefully bulls will bring this back up and form another lower high or hourly equilibrium.
Broad market is waaaay at the tops so I imagine if it starts to sell it would give more fuel to the gold bulls. Gold...
1500 proving to be a good psychological area. Yesterday we lost the daily uptrend which signals that weekly consolidation could be in the cards. However 1500 being a good area for shorts to cover/dip buying means that we could anticipate a bounce into next week.
1500 breaking today is unlikely but if that were to happen, stops would be triggered!
Congrats to anyone who shorted that double top. Nice profits on NUGT puts... Supports incoming. Bulls need to defend 1516.77 first, most likely see a bounce on the first attempt if selling pressure starts to drop. That is an important level because it would show the loss of the 4H uptrend, something gold hasn't seen since this whole run up.
I absolutely love this area for a lower high/double top. Intra day action still favoring the bulls but eyes wide open for an entry...
I'd be watching for a clear bearish diversion/ a bear break of the recent tightening patterns up here. That would increase the odds of this being a lower high. Hard to be bullish at these levels, anyone agree?
Potential hourly bear flag if we can't get above these upper wicks. It's an important skill as a trader to realize what kinds of price action are better left for sitting on our hands.
Keep eyes on #GLD #DUST #NUGT
Unable to post from the 5m time frame so you'll have to look yourself. The first one was a bear flag. 2nd time was a trend change with no followthough.
GLD was still weak while NUGT probably had more shorts covering. This signaled that the trend change was just another lower high...
Bulls be aware we are on the cusp of losing the 4H uptrend which means we might see daily consolidation. Congrats to bears who shorted this pig at those highs. We may hold 4H support. Watch 5m for a trend change, no signs of it so far.
Market makers took out some stops before dropping it if you watch the 2-5m time frame just before the first drop.
Complete lack of interest in this turd but it's starting to look nice if you're eyeing those IPO levels from Sept 2018. Maybe once the sentiment in the sector shifts back to the bulls we could at least find a monthly lower high. News driven markets anything could happen.