JNUG
GOLD BULL CRAB COMPLETE SEEKING 1322, MAYBE 1331D is now complete. Entered trade with 1 lot, added 1 more at 1314.
TP 1 - 1322
TP 2 - 1331
TP 3 - 1344 (for @uadog)
Support levelsGold is at its lowest horizontal support, if there is another pullback I see gold touching my trend line around (1294-1292).
Short miners Almost a complete capitulation here... giving another try.
Possible technical breakout, with tight stop loss...
XAUUSD Support LevelsJanet Yellen is set to speak this week Friday, market will be anticipating a rate hike for September. Her words will play a big factor on the direction of gold. Support level (1334), (1330), (1322), (1311), (1300). But I expect a delay in rate hike in Yellen speech. Very bullish on GOLD, look to set new high this year.
Bullish triangle pattern forming for gold $GLD $GDX $IAUBullish triangle pattern forming for gold $GLD $GDX $IAU
GOLD ShortGold hit top trend line and fib extension and now has put in bearish RSI divergence and been posting low volume. Expect a correction to the noted fib levels.
DOLLAR INDEX SMALL UPTRENDSMALL UPTREND ON THE USD, LOOKS TO BOUNCE OFF THE UPWARD TREND. WAITING TO SEE IF IT WILL BOUNCE OR BREAK LOWER.
Gold LongGold in bullish pennant. News of no rate hike will drive price. Yellen won't move due to brexit and global slowdown fears. SPY becoming over extended. Gains will come out of retail and flock back to safe haven assets as the recent rally corrects.
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.
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
GDX Long (2 days) then reversalGold Miners (GDX) is at the very bottom of a major channel and could rise up before reversing the trend by completing a H&S pattern. If TP # 1 is passes, $25.50 would be TP# 2.
GOLD Approaching Short ZoneGold retrace to bottom previous channel support. Then fall to blue support.
#Gold Testing Support Near Term Bounce ExpectedGold is testing lower levels of support as market participants aim to price in a potential rate hike in June by the Federal Reserve.
While intraday price action is oversold, the daily chart is indicating further selling could continue to below $1,230. If a close below this key level occurs, traders can expect XAUUSD to reach $1,215.
Subscribers of MacroView's "Daily Grind" were alerted of the potential of a $30+ drop as seen here .
Key factors to watch:
The four-hour chart z-score is -2.4 (daily z-score is -2.57). This suggests that prices are stretched and a score +/- 2 makes a great contrarian indicator.
Intraday RSI and Stochastic are both suggesting oversold conditions.
Multiple EMA bearish convergence, currently a 50/200 EMA bearish crossover is probable.
MacroView expects to see demand between $1,215/20. It's important to keep and eye on the short end of the yield curve. With a relatively strong negative correlation with the two and five year yield maturity, if those continue to rise, we could see more pressure on the yellow metal.
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Time for a miners pullbackKey level in US dollar here...
GDX: Limited upside until first resistance level.
Longing JDST here without planned stop loss...
Miners are pretty overstretched with JNUG +800% over 4 months.
$xauusd 1h Triangle inside Monthly triangleused this knowledge to take advantage of $jnug weakness on 5/19 Scalping Session
Gold Bull FlagOil forming a bull flag. Paired with bullish divergence in RSI. Keep an eye on direction of DXY.
