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Goldmining

Gold Related: Strong Sell Head and shoulders reversal pattern formation complete on gold . Wait for confirmation with bounce off the 1290 neckline. Suggest using a short position on futures options or mining etfs (JNUG, JDST) watch gold closely and cover to stop loss should price rise above the pattern's neckline. Watch for breach of trendlines as indicated in chart to invalidate the trade. Price Target 1: 200 day moving average currently at $1251 Price Target 2: $1215 as i dicated by measuring destance from top of head to the neckline. FOREXCOM:XAUUSD TVC:GOLD AMEX:JNUG AMEX:JDST AMEX:DUST AMEX:NUGT AMEX:GDXJ AMEX:GDX AMEX:GLD
TVC:GOLDShort
by HandofGold
1
GDXJ: Jr. miners have bottomed - upside to shy of $70 possible$GDXJ is an exchange traded fund which lets investors gain exposure to a basket of gold and silver mining companies, which can be a very interesting vehicle to benefit from major moves in precious metals. In this case, we see that the daily chart is likely to start trending sharply up from here, with a chance of breaking above the long term resistance zone above, in which case, prices could surge close to $70 over time. We're long from today, entered a 9.5% position at $28.15, shortly after the market opened. We may add to it on dips, if prices retrace back into today's range next week. Best of luck if following me here. Cheers, Ivan Labrie.
AMEX:GDXJLong
by IvanLabrie