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This is disappointing. Everything today is disconnected. Gold, GDX, DXY going on their own. The good thing is GDX shows strength against gold.
GDX looks promising today. If it turns here for the next few days, you have a perfect entry. Congrats!
I don't envy you, my American friends. You have nowhere to run from your ever encroaching government. But that's the price of being a citizen of a global hegemon, I guess.
Miners still under pressure... on a verge of collapsing but still holding. What we really need is gold above $1250.
Weazel should think about running a premium subscription ^^
Here's an interesting thing in gold. The last few short-term trends lasted about a month. Light blue are invalidated trendlines. The current is near the end and we'll either see the end of the whole setup if gold goes below $1232 or another short-term uptrend to ~$1270.
This would be probably driven by further selloff in DXY:
And then, in absence of some kind of an "event" I can only see gold going down (~$1150) before it resumes its secular uptrend.
Anyone with a different view?
That exactly mirrors the situation in gold. Smaller wedge in a bigger wedge. I think gold breaks to the downside of the smaller wedge when DXY has a relief rally. That's why I was leaning towards breakdown in GDX.
But as someone already mentioned, gold can actually run with US$ if there's some kind of an "event". I'll be buying JDST soon anyway.
Nope, no buyers for me. Oh well.
Tough call. Gold in coma, DXY oversold but GDX bounced off of support line
I say we'll see buyers into close above $22 but whether that holds until tomorrow I don't know.
Same here, I made the dumbest decisions of the year during this month. The good thing is that if it bounces here then I can get out without losing a penny.
Normally this wouldn't look bad but DXY is ready for a big flush or a big bounce and that translates to a big move in gold and miners. But who knows what comes first.
Seriously, take a look at this. Where does it stop? Gold should be f*ckin' flying!
It seems to be curling up. Now draw me a beautiful green candle to $31 please.
Bottom in GDX is practically IN, now let's see if it's a time to buy (more) NUGT or DUST.
Thanks, that's exactly what I'm looking at short-term.
Nope, bounced off of its resistance and probably going back to $1238.5 :/. I'm selling NUGT if it goes below that level.
PS- GDX just set a new HOD...and NUGT isn't even sniffing its HOD. That's no bueno.
Miners don't NEED gold to run to take off...when GDX leads gold, the move is more powerful anyway.
I'm leaning towards breakdown. The long-term wedge in gold is IMO much more important and we've just had a false breakout which, as I said before, is massively bearish.
If GDX breaks out and gold doesn't then we're capped to February top.
This is of course almost pure guessing, I'm just trying to use the signals I find important to make this guess at least a bit "educated".
LOL, DXY breaking down, gold just *mildly* positive and this turd is going down. Go figure!
I sold JNUG yesterday for a small profit and bought NUGT at $32.1 instead of JNUG at $19 *facepalm*. Still holding but I have bad filings about this.
Gold is recovering slowly but the problem is that they dumped it just one day before DXY started diving, which normally would cause gold to fly to, at least, $1270-$1280 level. US$ seems to be short-term oversold and on the bottom of the current mid-term channel :( This could explain yesterday's action in miners. Any thoughts?
LOL, miners borken today. Would love to see a strong close.
And that's the kind of move I like to see in the morning. It's gonna be a good day for us unless Janet says something unexpected, although that's unlikely.
I hope so. Anyway, folks who waited for a dip now have a chance to get in cheaply.
I also hope this is not a part of central bank plan to bring gold down as much as possible.
Yeah, me too. I was going to hold until gold would hit $1270. Now I'm back to red. And it seems this is just a beginning...
Where did THAT come from?
Except that in December we were near all-time support and now we're near all-time resistance. We HAVE TO break it. Otherwise, miners are going back to December.
Last reaction to hike in March was UP, UP, UP (daily), so your pattern doesn't hold anyway.
$1280 resistance still standing, not good...
Second WTF moment with GDXJ in just 3 days. Lesson learned, take profit on your targets no matter what.
Oh well, I was right when I said to sell at $1280. Let's see what happens next.
Yep, it did. I'll wait with selling till FOMC meeting. People are going to jump on miners as crazy right now.
Gold already at my resistance. Let it break $1280...
Maybe we have different charts but DXY is falling since Dec and gold rising.
I sold JDST yesterday after open and bought JNUG. I'm going to sell when gold hits $1280 or just before FOMC announcement, whichever comes first. Theoretically, we should go higher but I'm not sure and I'll be already 10%-20% green, so I'm not going to gamble on what may be a monster move in either direction.
$1280 is about where all time resistance trendline is right now. If gold breaks it and stays there (I'd love above $1300) - TO DA MOON!
Why would US dollar strengthen in absence of hike? DXY going back to 100+ is absolutely bad for gold short-term and short-term is all that matters for JNUG/NUGT.
Gold has hit the support I mentioned a few days ago but I'm barely green JDST because of yesterday fuck-up :(. Definitely selling today. I think we can even go lower after a hike for a day or two but I'm not going to bet on it. GLTA!