Direxion Daily Gold Miners Be (DUST)

[GoGold]

It will be interesting to hear Powell talk about potential December rate hike in the month end meeting. Gold and GDX might not stay range bound after that news.

[str8_chuter]

Both $GOLD and GDX got a violent counter-trend rally on Wed that ran right into resistance on Thurs and then collapsed on Fri.

On the daily chart, $GOLD hit resistance at the 45-day MA Thurs. Closed the week below the 9-day MA. Support at 1200 and 1192.

On the daily chart, GDX broke thru resistance at 18.15 (the August low) on Wed but couldn't sustain it. Dropped decisively below again on Thurs. Closed the week back below that psychological support of 18. Support at the 9-day MA (currently 17.89) and then the lower BB (currently 17.37).

On the weekly chart, $GOLD has stiff resistance at the 9-week MA, currently 1211. Support levels at 1200, 1192 and then the lower BB, currently at 1167.

On the weekly chart, GDX has fallen down and can't get back up. Technical indicators look dreadful. Money flow remains anemic. CCI hasn't been above the zero line since early July and hasn't breached the 100 level since way back in January. MACD continues its steady decline.

DUST bounced off the middle BB this week. Resistance at the 9-day MA, currently 44, and then the upper BB, currently 47.

What should be most concerning to gold bulls is the fact that the $USD index has remained pretty much range-bound for a month now.

[slmlrd]

About time! Sgt. JBone must be disgusted...

[str8_chuter]

GDX has rallied twice this morning up to resistance area at 18.15 and been soundly rejected both times. Has become formidable resistance.

$GOLD has also attempted to rally but the 9-day MA acts like a magnet to pull it back down again.

[GoGold]

Thanks for the info

[Lion33]

Probably about $150 or a little more for a forward split. Still a ways away.

[GoGold]

I read that $5 was the inflection point for reverse split. Is there an inflection for a regular split?

[str8_chuter]

GDX made a last gasp effort to reclaim 18.15 this morning and got slammed!

As stated earlier here, no support for GDX until the 16's although it might get a bounce at the lower BB, currently at 17.42.

DUST has broken out, next resistance levels at 50, 62-63 and then 72-73 although Direxion may opt to do a split. They'll almost certainly have to announce a reverse split on NUGT before year-end.

Speaking of splits, at some point down the road won't be surprised if Van Eck announces a reverse split on GDX itself.

[GoGold]

Since 1975, on an average Sept and Oct are the months when most gold is purchased and March is the month when gold is sold. If this month and next GDX goes down (opposite of the past years trends) then it might capitulate in March.

[str8_chuter]

Well there goes 18.15 support for GDX. That went quickly.

No real support underneath until the 16's. Perhaps some psychological support at 18 for bottom fishers so always a chance for a late day stick save. Likely doesn't much matter over the intermediate term though. The chart is just much too weak and the $GOLD chart has some catching down to do with GDX yet.

[str8_chuter]

GDX extremely weak. Can't stay more than a few days above the 9-day MA and then it drops again.

GDX support at 18.15. Resistance at the 9-day, currently 18.90.

$GOLD chart in worse shape, technically. Yes, MACD displayed a positive crossover but remains deep in negative territory and CCI struggling to stay above the zero line. Money flow is the real giveaway though. Turning down sharply.

$GOLD support levels at 1203 and 1195 and then 1180. Stiff resistance at 1212 and now resistance forming at 1206.

Of course the technicals on the DUST chart are all turning up once again. Bounced off the middle Bollinger Band on Tuesday and now back up above the 9-day MA. Next resistance at 40.

[jbank35]

I’m bullish here. A short squeeze will happen to elevate gold but not tomorrow. In order for gold to make a full recovery, it needs a weaker USD across the board and weaker earnings from many companies. Gold got a bump from a slightly weaker $ vs. some currencies like the peso and euro but not against the pound.

[GoGold]

Yeah! I don’t get Powell is a Dove either. He has been saying the same thing before and was labeled a hawk and just because there was a short squeeze during Jackson Hole meeting he now is deemed a dove ??

[stocktrademan]

DUST buy 37.36

double bottom
moving average 'golden cross' pattern
price crossing over the ichimoku cloud























normal chart




log chart

[str8_chuter]

Stick save and it's a beaut!

The algos ramped $GOLD just because...somehow Powell is now a dove. Too phunny.

Whatever.

$GOLD next resistance at the 45-day MA, currently 1228 and declining. Support at 1200.

[str8_chuter]

GG,

You're welcome. Just sharing some observations. Hope they're helpful to you or anyone perusing this board.

$GOLD not only being rejected by the 1200 level, looks like it's being repelled today at the 9-day MA. Very weak.

Suppose we shouldn't be surprised. Saw quite a few headlines in the past week citing high level of gold short positioning and then using this as a premise for a "turnaround in gold dead ahead".

[GoGold]

Great analysis. Thanks.

[str8_chuter]

In my previous post, was pointing to the 18 to 18.50 range for the miners to possibly find a bounce.

Got down into that price range quicker than expected and subsequently bounced. But there's been little energy to it. Barely back above 19 and already the GDX chart is weakening.

Well in looking at the chart of $GOLD we see why. 1200 had been a pretty significant support level going back a few years. $GOLD has stalled out, can't seem to get past 1200 and sustain it.

$GOLD trading at 1198 as of this writing. A weekly close below 1200 likely means more pain ahead for GDX. GDX would then have to find support at this most recent low of 18.15. If GDX fails at 18.15, then there's nothing but air underneath down to the 16 level.

Lastly, note that $USD bounced off its 45-day MA today. The weekly chart of the dollar still in great shape, looks to be headed higher. Resistance at 96.90 and then 99.

[Sil]

No more
Dead

[Eagleize]

DUST soars!!!!

[str8_chuter]

Have a ways down to go on GDX before support may show up, 18 to 18.50. The miners should get a playable bounce in that range.

$USD index continues its march higher. May see mild resistance at 97, next legit resistance looks like 99.

As for $GOLD, this drop looks similar to 2016 but back then the chart technicals were starting from a much stronger position than we've seen this year. Like GDX, next support for $GOLD is quite a ways down from here at 1125 or so.

[GoGold]

Soon 3 digit gold and then 3 digit DUST... Just wait till the entire $500 billion tariff kicks in, then a little higher inflation and thereafter Fed announcing their 2019 plan for more rate increases and Quantitative tightening.

There are some rational and some irrational gold bugs. 2019 is going to be for the rational ones who move their position from 1 digit NUGT to 3 digit DUST.

[str8_chuter]

Gold bugs never die. They were here before my time, they'll be here long after I'm gone.

Gold is a commodity. Currently stuck in a secular bear market going back 7 years. Shows absolutely NO sign of exiting the bear phase anytime soon.

Wish I had a dime for every time I heard the phrase "the demise of the U.S. dollar." Sure someday the buck will topple but someday ain't here and won't be arriving anytime soon. The yen, yuan, euro and Swiss franc will all kick the bucket long before the greenback does.

But, but, but...what about the trillions in QE? Means nada since not a drop allocated for the masses. Every last cent devoted to holding back the deflationary collapse of financial assets. They've succeeded in delaying, not denying and the collapse will be all the more spectacular due to the unprecedented level of money laundering.

Gold eventually finds its way back to 3 digit territory.

[GoGold]

Yeah! Time for a split soon. I don’t understand the emotional attachment to NUGT. It is time people realize the golden days of NUGT, Peter Schiff and James Richards are over due to multiple factors against gold.

[str8_chuter]

"...next legitimate support range on GDX is 20.75 to 21."

Well so much for that. 20.75 in the rear-view mirror.

Nothing but air underneath. 18's next?

[GoGold]

DUST has had good upward movement today. Lots more to go till the end of the year and maybe Q2 next year.

[GoGold]

Gold is at the end of its long run this and next year. People who don’t see this coming have their head buried in the sand.

[str8_chuter]

Pretty much as expected, $GOLD provided a modest bounce at 1238 which had no staying power.

Today, it plunged well below 1238. Next support range is 1195 to 1205. Should get a bounce there but if that range fails to hold, then 1125 looks like the next stop.

The miners are trying to hold on here but the GDX chart remains a 'Sell'. Weak support probably at 21.60 but next legitimate support range on GDX is 20.75 to 21.

[GoGold]

The Fed minutes indicates a gradual rise in interest rates which generally translates to stronger dollar and thus lower gold. I am not sure about Friday but the long term impact will be higher DUST.

[Airparticle]

What is going to happen with DUST on Friday?

[str8_chuter]

You asked:

Is there anyway to know the value of DUST if gold hits $1000?

Unfortunately, no. DUST is not tied to $GOLD directly but rather to GDX.

The miners often do their own thing. Many of them used to hedge forward production but most abandoned that policy when $GOLD experienced its last bull market. Few went back to hedging even though $GOLD has gone nowhere for years. As long as the price stays above all-in production costs, seems few bother to hedge.

[GoGold]

Agree, with the rising dollar and interest rates, gold has no where to go but down. Is there anyway to know the value of DUST if gold hits $1000?

[str8_chuter]

Has been nearly 7 weeks since the weekly $GOLD chart flashed a sell signal. Back then the call was for support to potentially show up around 1238. Almost there.

If 1238 gives way, next area of support at 1200.

GDX chart looks shakier. Has been range-bound for 18 months between 21 and 25.50. Technicals deteriorating on the chart though. 9-week MA is resistance.

$USD chart looks strong. Even if $GOLD finds some temporary support at 1238, hard to see much upside in the face of a rising dollar.

[slmlrd]

Yes, at times it can be wonderful. Other times you can be clobbered by multiple reverse splits. Scalping is the way to do it. U308 uranium maybe the way of the world. Limit up!!

[slmlrd]

Wild ride again. Who putting the change in the merrygoround?

[str8_chuter]

$GOLD gave us a confirmed sell signal on the long-term (weekly) chart today.

Plunged right thru the 45-week MA convincingly.

Next support comes in around $1238.

Likely a very rough finish to the year for all the PM's as the $USD looks to be embarking on a rip-roaring rally. Perhaps a replay of 2014.

GDX likewise broke below its 45-week MA today.

[farooq]

All 3 X shares continuously loose money because leverage use some portion of the money which is wasted.
They are day trading or swing trading vehicle at best. Not long term investments at all.
Good luck and happy trading.

[GoGold]

Thanks Lion33

[Lion33]

Yes and no on the real price back in 2013. It is split adjusted meaning there has been a few reverse splits since then so it is not a true price reflecting today. If you’re looking to buy into these 3x ETF’s then be careful as they move quick and are actually designed to go to zero over time and that’s where the reverse splits come into play.

[GoGold]

Hi I am new to buying DUST. This ETF was $3.0K in 2013. Is this a real price back then?

[Eagleize]

Told ya. Don’t buy dust yet. Just
Speak truth. Y’all are getting paid to fool people out there $$$$

[ANIA77]

LOL

[weazelboy]

Still over here talking to yourself, eh? LMAO.

It never ceases to amaze me how you ALWAYS are on the right side of a trade based on your posts. Ya, sure, we believe you. BAHAHAHAHAHA!!! Hence the reason you can never be taken seriously.

[Eagleize]

Don’t buy DUST yet. Wait till it hits $20. All in NUGT. Don’t let WB fool you over on NUGT board.

[slmlrd]

Try tecs! DUst is flopping.

[weazelboy]

Since you're here talking to yourself...

You might wanna scroll down a mere 2 posts to see what you wrote previously to ensure it matches up to your latest spew.

You have NOT been telling folks to buy DUST since March 6th...in your OWN words...fool...

Eagleize Tuesday, 03/06/18 07:40:40 PM
Re: None 0
Post #
12963
of 12965
Still making lots of $$$$$ in NUGT. I tell only the truth. But get ready to buy DUST on Friday.

IN FACT, while I'm at it...I specifically said after close on Wednesday that GDX/NUGT were opening themselves up to a likely slam. But don't let facts get in your way...

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=139262561

[Eagleize]

Told y’all to buy DUST since March 6. Don’t know why NUGT idiots (weazel) so negative and shocked. They just trying to get you to sell your nugt shares. Hold DUST till end of next week and then sell DUST and buy NUGT.

[slmlrd]

You must have taken a hit in nugt the past couple of days.

[Eagleize]

Still making lots of $$$$$ in NUGT. I tell only the truth. But get ready to buy DUST on Friday.

[Eagleize]

Thanks man. Knew tariffs were coming and trade war bout to happen. Thus, buy NUGT.