Had anticipated a reversal in XAUUSD if the broader markets recovered and the VIX dropped with an increase in dollar strength, XAUUSD broke an hourly channel today and is now potentially forming a bull flag based on consolidation over the last few days. So if Xauusd continues higher I am expecting the Gold Miners to do so as well. Head and shoulders pattern on GDX has a target of 21.30 which is 7% above current value. Target for NUGT position is 19+ stop loss at current daily low of 15.50 as a positive open is expected based on XAUUSD breaking hourly resistance today.
Note
Exited NUGT at 16.60 then 16.28 XAUUSD didn't hold 15min support.Note
entered new long position at 15.53 stop loss of 15.20. Hourly support of XAUUSD held today looking for an upside move to re test current resistance if DXY fails to break current resistance.Note
NUGT at 16.80
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.