AD, first let me say I typed it wrong. My notes show 998 bottom. Sorry for the mistype. It was 3 am when I finally had enough this morning.. LOL
Based on the 200 DMA over the last three years with out the definitive FED increase lingering, as we are seeing today the numbers/math shows a continued downward trend in gold. Not to say the correction will not have a reprieve before DEC 10th but the trend is stronger down than up. I do have a upwards guess if a reprieve does take place but we can discuss that number when it comes.
I have mentioned a few times about the short/contracts that have lingered for years and the people that control (manipulate) prices need to cover with out going broke. Their time has come to fix/face the reaper. IMO and DD since 99/00. Long over due if ya ask me.. Lol
As far as the gap up on Friday (DUST), looking at charts that had nowhere as much market volatility from the FED's, you can see quite a few never filled. If the dollar keeps strong and can push above the 100.13 then the sky is the limit and will fill the gap later.
Now there are people stating that gold/GDX is over sold as of today and I respectfully will disagree. There may not be a lot of room but there is none the less downwards room. RSI (gold)= 25.93 with a trend low of 18.03 (NUGT)= 33.49 with a trend low of 13.89. As you can see there is room. Can it hit or pass the lows? Following the dollar above the 100 will be a major determining factor in my own discussion of exiting (DUST) and going long on gold (NUGT).
Watch what happens at time of inversion (IMO) of DUST -v- NUGT. I rely can't give a based opinion but can only Imagen the influx of buying.
There is a lot more DD needed to help make exit/entry decisions and I graciously except any and all out side views.
By the way, MJ Money, could you explain this DHOT60? I see the 60 as EMA but can't determine any set standard as to the determining point of moment. Also a very civil reply with class. Always take some profits for the Family.. Thank IA.
We shall see folks, best wishes to you all.
ST
