Direxion Daily Gold Miners Bear 3X ETF This is a simple play.
Set Stop Loss and Take Profit accordingly. Manage your risk and enjoy the profit.
DUST
NUGT set up for this week: Long expected 20-30% gains.Talks of the interest rate hike in the US will scare short term investors into buying gold.
Short Before the Greater Bull Direction COT report still showing a large number of shorts that were only added to after Brexit. Hedges? Or smart orders looking for the bottom before overbought markets correct. There's a lot of market profits to be pulled and after US election conventions we could see a big change helping to fuel metal's new bull path.
Tight Scalping Idea to be on right side until UK Fed Rate talkI closed larger shorts at 1327 to now scalp to see if this was the bottom and we go up or we continue down to 1320, 1308, 1300...
Trading with minis until confirmation
Something Bigger or a Basic Bull Flag v2Still watching where this goes. I'm trying to get better at looking at bigger picture vs relatively small moves based on small news.
Something Bigger or a Basic Bull FlagWatching this range in this maybe of a flag pattern. Let's see how it continues to play out. So far, the bear sentiment hasn't made any real impact here.
I'm holding longs from 1255, 1333, 1355, and 1366 looking so I can ride out the movements like today's pullback.
Don't get trapped too early by buying the movement, buy the bottoms here. Ranging is funky so I'm not scalping this round.
Bearish rising wedge in Gold...what do you all think? Bearish rising wedge formed. Now reaching apex, down move to 1330-1320 coming I think
Bump & Run Reversal - GoldXAUUSD was manipulated the last rally in the interest of selling at higher prices. Brexit was the catalyst. As a result a 'Bump and Run' reversal pattern is in place. XAUUSD is in the Run phase now where it's expected to form some kind of a bearish reversal pattern. I see Adam and Eve - double top is being developed.
Price is expected to visit the Lead-in trend, in green. In case the trend is broken, there is a high possibility to visit 1200.
Good Luck!
Gold On Final Rally Before Major CorrectionThe idea has a broader context, i still have to publish related ideas that makes me believe that gold has this final rally before a significative correction. Targets are shown at chart.
XAUUSD a little more down and a bigger move upGold is retracing back to a strong area of support which coincides with the .618. I would not be afraid to take a long position here. If we get a fast move up we could either be finishing the A-B-C or perhaps we have a 5 wave structure.
A shallow move away or a break below the trend line could indicate a much bigger correction.
The MACD and Awesome Oscillator are very similar. The AO is slightly more reactive which will give you more crossovers but also a little more lead time to get into trades.
GDX - RAPIDLY LOOSING HOPEExhausted GDX has broken its $25 support today in last minutes trading. Tomorrow on June 22 it will be trading down. $24.08 is the most likely target for tomorrow. We may break it on Friday if UK vote to remain in EU.
Major miners I track gaped down today and behave much weaker than yesterday. Most of them painted inner bar today which most likely will be broken down tomorrow. Volume increase as we fall down confirming weakness. Other indicators show that move down has only started.
Looking for a Flash Crash in Silver I use First Majestic (AG) as a bell weather for the metals, especially the silver miners. We've had a nice run, so far this year. And... it will continue, but with the Brexit vote coming up in two days, I expect a big fall off for silver and especially the miners, EITHER WAY the vote goes.
Not that I'm exiting my AG or other mining stocks. But... I am accumulating DUST as a hedge. Probably not enough to compensate for this next down turn, but enough to make the correction more enjoyable.
PS: This text was supposed to be placed over the chart. Not quite sure why it's not showing up. Oh well...
"Gold Update" $GC_F $GLD $GDX $GDXJ $DUST $NUGT $GOLD SI_F $SLVPatterns are in place for a retreat....
3 drive into Market Structure...
Above 1334 on a closing basis changes the pattern and decreases the odds.
Gold Seeks Lower Levels Below 1150XAUUSD might continue it's rally to test the downtrend once again. It might then bounce back and start wave (y). I will be looking for a bearish reversal pattern to confirm the start of the downtrend.
XAUUSD Ready to ShortMy take on XAUUSD for the near future. Currently at the 50% fib, maybe reach the 61.8% mark or move close to the trend line around $1260. Then short from there down to new lows. hopefully DUST and JDST will sky rocket then when the miners drop. The dollar will need to move to new highs hopefully due to uncertainty about Brexit and the effect on the Euro and the possible Fed rate hike. If the trend line is broken the NUGT and JNUG will sky rocket.
Gold - Pick your poisonBullish case
• Recent Impulse move with EW rules still in tact
• Huge rally on Friday 3rd June, right at the 61.8%
• CoT recently favorable
Bearish case
• Still in Multi-year down trend
• Divergence w/ Failed breakout, now in favour of primary trend
• CoT currently favorable
