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Yeah, me too, I was going to sell for a few % profit and now I'm virtually back to 0. DAMN.
JNUG up 7%. WTF?
That explains a few things. I usually track spot price of gold.
Maybe you haven't noticed but NUGT gained almost 20% on the $15 rise of gold and did not give it back on the $30 fall in the price of gold. Miners are strong as hell so far. It's evident people are rooting for breakout. NUGT should be at least 10% down today easily.
LOL, gold down $10, breaks short-term support and this NUGT is 2% down. Unbelievable.
Ups, like I said, false breakout, we're going down. Sorry, folks. Next stop probably at $1259.6.
Such patterns are have their place in medium- and long-term analysis. In short-term, trend lines and horizontal supports/resistances are much more relevant.
They have time till the end of 2017 at most. Gold either breaks out of its long term wedge or breaks down for a final flush. In the first case we're going to be more than fine with miners, in the second case it will be a perfect time to buy more physical gold. All is well.
If gold closes this week below $1280 then it's really bad...
I'm out so I wish you it does. I'm not going to gamble on this.
That's courageous. False breakout of a long-time resistance is MASSIVELY bearish.
This week miners are "on fire" like in H1 2016. I sold all JNUG/silver and waiting for action next week.
Out JNUG $18.7, securing the profit, waiting for any dip :)
Out JNUG $18.7, securing the profit, waiting for any dip :)
US data below expectations, good for us! (?)
Lots of important US data tomorrow. We may see a big swing in either way. I think there is more potential to the upside as the rate hike seems to be pretty much priced in. We'll see.
OK, thanks. Sometimes it's difficult to tell if someone's joking or not just by reading a post, especially for someone who's not a native English speaker.
A crater? What's that? Usually, I don't pay much attention to gaps and now I learn there are also craters. Unless you're joking...
This is very good, I'm well into green in JNUG, but the fact that gold can't get away from this side channel is a bit concerning. It may be a good day for a flip.
Silver though...
It's the same story every time. When gold flies high, most people make predictions it's going to fly higher, despite overbought indicators. When it dips, most folks expect it to go lower, ignoring oversold indicators.
I didn't believe all of this "herd" talk, and "buying high, selling low" types of people but after some time on this board I do. I really do.
Of course, everything cheap can get cheaper and vice versa but STATISTICALLY you shouldn't expect that unless you have a very strong REASON to do so.
Miners surging, gold flat, silver minimally better. Let's hope gold gains momentum soon.
They were buying when gold was near $1300 and are gone now ;) Having said that, I'm still red in my silver & JNUG positions but that may change today...
Great, good luck!
I was going to sell today as I said but I'm willing to take the bet. Current gold trajectory is too steep and if it goes to $1200 I'll average down.
Silver is WAAAAAAAAAAY oversold and I have most of the money there. Is anyone in silver too?
Let's see how this rolls today. DXY is not as strong as it should be given the circumstances. I'm betting on a bounce from current levels.
GDX at March lows...
I also noticed that USD goes down with gold today and it makes me go hmm...
Take a look at silver. 14 days down straight. That's oversold!
If gold closes below $1240 today then it's the most probable scenario.
That's 33% down, in other terms 11% down for GDX, which is about December lows. It can happen, but we should get at least a small bounce from here. I bought some miners today and much more silver which, fortunately, closed above $16.5.
Technicals are good, but the anticipation of a rate hike usually pushes USD higher. Not to mention that Macron winning French elections will probably pull gold even further down on Monday. Tough call.
If gold goes lower below $1240 and silver below $16.5 I'm selling all of it and waiting for better times.
IMPOSSIBLE $1240 has hit! Now let's watch carefully...
This time I have no idea what to expect from FED. My guess is Yellen won't say anything other than "we're looking at data and we see possibility for next hike this year".
Other than that, coming event are positive for gold:
1) Nervousness before French elections
2) VIX at historical lows
3) China running out of patience with NK (allegedly)
I'm buying silver today, it's waaaay oversold.
Well said, let's go green! :)
And there it goes as planned.
It's been said many times: indicators on leveraged instruments are skewed and by charting them you're doing yourself disservice. $1250 is not as important as ~$1240 mid-term. I'm loading when it gets there.
We'll get important data in 15 minutes and then FOMC meeting & announcement later in the day.
but but but... gold can't go down! Gold only goes up! TO DA MOON!
OK, enough mocking ;) Some people here are waaaaaaay down on NUGT. I hope this will be a lesson.
That's just bad ISM Manufacturing PMI data before FOMC meeting. Doesn't really help miners, does it?