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Nice entry, best of luck!
I think the brief visit into 1200 was all we will see. it's a good sign that it is opening the week strong in asia. last week, on the weekly chart, MACD crossed up (creating a buy signal) for the first time since july 2012. on the daily chart, $GOLD put in a hammer candlestick on friday (bullish reversal candlestick). we should test 1350 again this week, and if breaks through it should hit 1400 very quickly.
Looking like it could be bottoming out here.. Hopefully the action this week has flushed out the last of the week hands and it's all up from here (depending on employment numbers tomorrow)
What a crazy day of market action! I'm kind of glad I had to work all through it.. Would have whipsawed my emotions haha. Still long here!
GDX right at it's 50 day SMA. It has been bouncing off of it for the past week.
Yes and no. It's kinda hard to say. And even looking at GDX, does the volume on that matter? I guess we need to look at the actual stocks
Volume has been drying up while the price has been going sideways. This is classic consolidation. My money is still on the long side.
I have been to the kitco site many times. I was hoping that your stockcharts chart would be the one that went back to 2001, and contained indicators like boilinger bands etc. if you dont have that its ok
haha you have to save it on your computer as an image, then upload the image. try using "snipping tool" if you have windows
could you post an image file of the gold back to 2001 chart? for us poor folks who don't have stockcharts subscriptions we cant see it. thanks!
GDX is above it's 50 day SMA. Today was the 6th day in a row it has closed above it. That hasn't happened since last October.
"Losing it's mojo" or "consolidating"...?
That's a nice doji candlestick today. I think gold and silver are VERY correlated, probably very close to 1. I will need to check to make sure. As far as using one to predict the other, I doubt you can statistically do it. But the way to go about testing it is to run a regression on silver returns against lagged gold returns (or vise versa) and see if you get a statistically significant coefficient.
And yes, definitely crazy, and definitely fun!
I calculated it from time series returns of GLD, GDX, and SPY. The corr function in excel gets the job done. I'll test the relationship between USD and the 3 of them when I get a chance.
The past 6 months correlation coefficient between GDX and GLD is 0.8. So they aren't perfectly correlated, but they are pretty close. In fact, the correlation between SPY and GLD is .25, so even gold and the market move together more often than they move opposite each other.
You might be right in that it is better to look at GDX technicals and then apply your findings to NUGT/DUST.. As far as "charts don't matter" that is just incorrect. Mean reversion is a well documented empirical finding, and you can only see this by using charts.
It's all about that burnt orange! But green and gold are ok too $$$
I hope you are talking about the Baylor bears..
Still massively oversold on the weekly chart. RSI at 28! Plenty of room to run
Still holding all since 2 Fridays ago.. 2 up weeks in the book.. Looking for 2 more!
Hope you had a tight stop on those futures!! Everyone knows to short gold at this point.. meaning the short trade is over! time to change your icon and go long!
I looked at the first one, it is making the exact opposite argument that you are.. It says rising gold indicates rising rates ahead.
Rates go up from people selling govt bonds.. Indicating that the credit worthiness of the govt is going down.. Aka the value of a dollar going down.. In the worst case, the govt defaults and dollars become worthless. In this case, gold has immense value because it is an internationally recognized store of value.
USD index has dropped recently as well.. That has been good for gold. Why would raising rates be bad for gold?
They don't always have to move in tandem with the price of gold. But it's a good bet that they will.
Gold has gone up since US markets closed.. If it stays up we can expect an up day tomorrow.
When talking about trend you need to give a time period.. Clearly the trend over the past month is up
Adding to a loser is a common trading mistake.. Much better to sell a loser.. It sounds like you really don't have any sort of trading plan/strategy.. I would advise understanding your tolerance for risk and then making the decision to double down. If this is just like gambling for you, and you "have a good feeling" about NUGT like I and others on this board do, and you want to throw more money at it, by all means go for it.
Earnings can effect prices in the short term, but as far as movement over the next few weeks/months, the price of gold will be the primary factor
I think we saw the smart shorts cover from 1300-1350.. Today was profit taking from weak hands.. Expect consolidation between 1320-1340 over the next few days.. Once the weak hands are flushed out this goes above 1350 and we see the real short squeeze.. Jmo, glta
We also want to see GDX hold above it's 50 day SMA.
As long as gold stays above $1300 we are ok.. But I would really like to see $1315 hold..
$1350 is the next key level.. I wouldn't be surprised to see trading between 1300-1350 over the next week or 2, I don't see 1350 going down without a fight.. I would be surprised to see a drop below 1300.. If/when we break above 1350 I think we will see 1550 in no time
Look at the MACD on the weekly as well.. Nice shape and still way under the 0 line.. Weekly RSI just now above 30.. Lots of room to run!
The technicals are lining up beautifully for gold/ gold miners.
Agree 100%
It's blowing your prediction out of the water! Go NUGT
Right there with you
Great day here! Still holding all since $5.68 entry