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Ahh, yes! But I thought that anyone trading gold miners already knows this, so not worth mentioning ;)
GDX on daily 200 SMA right now. Please bounce here!
This ain't looking good right now. The most important data that may affect gold will come on Thursday (ECB - rates & QE decisions) and on Friday (US GDP). Did I miss anything?
Gold backing down. Makes perfect sense to sell gold at all-time high valuations of stocks. Volatility almost(?) all-time low. Volume in GDX getting lower with each day. This is madness.
If this continues next week I'll sell half of my shares here at the first occasion. I already sold some for scalping yesterday but that's "lunch money".
EDIT: US Senate passed 2018 budget, which caused USD to strengthen and pushed gold down a few bucks. Better than selling on no news.
At least NUGT is really 3x GDX today. I don't want to spoil it but GDX chart looks slightly promising.
EDIT: I see that Cirati posted that GDX chart I'm looking at right now. Let's hope we don't go below those trendlines.
Very nice pop in gold the last few hours. I didn't see any news that would cause this but that's even better. "Black Monday" anniversary buying? :)
You were right about this gap. The problem is that miners don't respond to changes in gold as they used to (again!). It's good when miners don't plummet along with gold but equally frustrating when they're not soaring with it. NUGT is bouncing in a $32-$36 channel for almost a month now :/
Thanks for the charts.
Allegedly John Taylor is going to be a Yellen successor and he's much more hawkish.
It seems we're going to have to wait until Q3 earnings reports for any sizable action. I didn't look up exact days for particular companies but they should be available before mid-November.
Let's see whether US PM gold bashing pattern continues this week...
OT: Anyone but me betting on 2018 as a market crash year?
Exactly. It's like miners don't care about the price of gold anymore. I had an order to sell half of my shares at $36 past three days. I wish I had sold it even lower as I had better trades waiting :/
Anyway, I'm moderately positive that gold climbed above $1300. Maybe next week is going to be better for us. I earned more money in UGLD than NUGT these past few days.
I'm tired of this shit. How this thing can be red today?!
There are some very optimistic people in this market :D
https://www.bloombergquint.com/markets/2017/10/09/-lotto-tickets-for-1-5-million-ounces-of-gold-trade-in-options
Yep, great news! :)
Inflation lower than forecasted. Nice!
Spot gold hitting 50 SMA.
Right now we're in a Twilight Zone. NUGT is the new DUST. Or 6x leveraged when red and 0.5x "leveraged" when green.
I will unload half a position today. NUGT atm is like
Good to see gold's not retreating but steadily climbing up.
Yep, I'm watching with disbelief. NUGT in red. What a joke.
I'm not used to seeing NUGT weaker than UGLD and definitely not weaker than GDX!
It seems it's going to be another weak day in miners. NUGT not event 1% higher PM at the moment :/
Let this be a reversal and the next week gonna be beautiful. Have fun on your trip!
Where are you heading? Vacation time?
Lol, $1260 reached and takeoff! I hope this is not just a bounce and that this was the last chance to get in NUGT @ $32.
Yes, I can see it and I haven't sold a single NUGT share today. Still largely bullish. I just don't get this drop on no news.
Action in gold when US opens is getting boring. It's so obvious.
This is ridiculous. Do they want to push it down to $1240?
Haha, don't ask me for logic in markets these days :)
And we took a hit from employment report. Next non-manufacturing PMI and then Yellen.
I'm afraid that might be the case. Miners are doing well but gold is weak. Yellen can probably push it lower with ease.
$1269 is not $1260 in my book ;)
Yep, I'm impressed with miners strength today. I already have a full position in NUGT so I'm keeping my fingers crossed we're near the bottom in gold. I originally thought of $1260 as a target bottom but didn't really think it would get there. Still, $10 to go.
Payrolls on Wednesday could give us a boost but the forecast is only 130K. And, oh fuck, Yellen speaks on Wednesday also.
Thanks for that chart, very nice! I added $32 on Friday.
And Chinese Golden Week beginning virtually tomorrow. I was going to add today at $32 but decided to have some cash in case they push it further down.
Not a bad day but nothing significant either.
When looking mid-to-long-term I always focus on gold first but yes, GDX crossing that line would be... "unfortunate".
You're absolutely right! I'll add more if it gets to $1240 in gold and pray.
I'm already disappointed we're under $1300.
Yep, and somehow no rates increase is good for USD too! SMH
EDIT:According to this, Yellen said they are too slow with raising rates. That explains the move.
http://www.zerohedge.com/news/2017-09-26/dollar-jumps-gold-dumps-below-1300-hawkish-yellen-hype