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What the fuck just happened?
It seems I got suckered again by Kim&Trump team. Gold better bounce now.
I clearly responded to my own comment, not yours. I guess gold jumped because: http://www.zerohedge.com/news/2017-09-25/watch-live-north-korean-foreign-minister-calls-impromptu-press-conference
I also had $30.X as my target but now the question is whether gold can stay above $1300. It broke out of the channel, which is very good.
NOPE!
I'm back at $35. Damn, I hate to chase.
EDIT: Don't tell me it's about NK again...
Lots of Fed and ECB members speaking today and tomorrow, along with Yellen.
$1290 holding so far but the down channel is crystal clear and we're getting to its resistance trendline.
$1260 on its way?
Gold is going to close this week below $1300. Not good. OTOH, futures slightly above $1300...
I don't like how gold fades easily. I'll sell and try to get back lower.
EDIT: out $33.54
Now let's wait for the "Tweet man" to respond :D
I'm always comparing how much miners move relative to gold. So the story is that sentiment in miners is positive. I don't measure this "sentiment" in any way but maybe I should.
Of course, one day is not indicative and I'll be looking how miners behave tomorrow. Maybe this was just a calm day in the middle of a larger selloff. Who knows? I got my confirmation that breakout in gold was legitimate. And I'm one of the biggest bears on this board :). "Fakeout" for me is gold under $1240.
My only regret for today is that I didn't take advantage of the low price at the open. It was perfect for a flip but I wanted NUGT to go just another $1 lower :/
I can only tell you that I don't like the fact that gold's still under $1300. The next important support is at ~$1260. The only reason why I haven't sold yet is that miners seem to be telling a different story.
Gold is almost 1% down and we're about at my entry level. I'll give it one more day at least. I have half position in NUGT.
NUGT only 3% down PM. Not bad for a 1% drop in gold. I'm curious how it's going to behave today.
Have you bought DUST already?
According to the plan so far. Gold holding above $1300. Tomorrow will be a very important day. If it goes lower, I'm out.
That's a nice presentation of how decay works. Funny is, many people trading 3x ETFs don't get it.
I bought back my UGLD shares and no GDX(J). I'll be playing miners with NUGT/DUST. We'll see what happens next. If this goes down I won't be in denial of that fact.
My order filled. Now, let's see if gold bounces here.
I have an order at $33.1...
I'm out @ $36.7. Nice $2 gain in 2 days. I'm not gambling this time.
And what will that unwinding do to equities? Sharp correction is in cards and lots of money will go to safe heavens, possibly pushing gold above $1400. I wonder how miners will behave then.
Spot gold bouncing off of July trendline right now but doesn't look bad yet.
That was me who mentioned it and GDX was the same as gold: +12% the last time I checked. IMO miners will catch up but gold has to make new highs.
EDIT: Now I see you were refering to some guy from JNUG board. Yahoo says GDX is +18% YTD, GDXJ +14%.
This reminds me a bit the pullback in May 2016. Gold went nicely back to $1200 and then up, up, up!
I held but I don't like this setup. Spot gold lingering below the July support trendline, which now seems to be resistance. I don't know whether to hold this into FOMC meeting.
Probably down but Trump speaks in 2 hours. I'd like to hear another "fire & fury" but this time I'm holding NUGT so it's going to be "peace & love".
Bought some NUGT for $34.7. Maybe a bit early but we'll see.
Spot gold on July support. If that breaks then we're going to $1300. LT support somewhere between $1230-$1240. That's the most bearish scenario. No way it's going back to $1200 IMO.
Yeah, it's pretty confusing right now but I believe that breakout in gold is legit and therefore GDX has to play along. Sooner or later.
Seems like $1300 is still on course.
Where's that support?
And to think I almost bought NUGT yesterday before market close but I thought it's too obvious this time. Phew.
Haha, shooting ICMBs over neighboring countries doesn't seem to impress the markets anymore ^^.
Yep, CPI report dragged gold down but NK to the rescue! At least for now...
Nice, this can be a good entry. We'll see tomorrow.
So far it seems gold is on its way to ~$1300. I'll probably buy some NUGT soon. I'm looking at miners vs gold throughout the day and it seems that sentiment in miners is good. Buyers show up on any uptick in gold.
I'm thinking another red candle on daily tomorrow and/or Friday and then up next week. I see articles about tax reform in US that should be detailed in 2 weeks. Allegedly that helps USD.
We'd all like to see gold only rising but I think we forget that nothing goes straight up. In fact, gold is still in an uptrend that started in July. Last two weeks marked particularly steep rises in gold. IMO gold and miners are doing just fine and even better when we take into account that lately, it was NK that driven gold higher. As long as gold is above $1300 we're fine.
I'm not in GDX nor NUGT just yet.