I am shorting gold here with JDST and DUST. I believe the move higher three days ago over the long term green trend line was a false breakout. It brought the longs in miners back into the market. I expect the trajectory of the overlaid gold candles to come in play. GOLD formed a double top pattern, which usually means a reversal. TSI and %R are overbought and due to correct. The DC is another reason to support a drop. You can see we are on day 20. The previous cycles have been between 29 and 40 days. We are due to search out a low in Gold. USD looks to be strengthening, Japanese yen is also weakening, another signal to watch that follows gold. I think the timing is good here to go short.
Note
Finally completion of the pattern. Now we can expect higher highs and a good run in JDST and DUST.Note
GDX Shark pattern in play. Support broken. This should fall at least to the 88.6% retracement and could become a failed cycle by breaking the May low, signaling an ICL. Note
Look how the USD is following the previous trajectory (gold candles). This should have some serious upside now. This move will weigh on miners and gold, the JDST position should end up very favorable. Note
Gold continues lower 1243 shoul dbe some support. I think we will eventually go lower still 1220-1230 range.Trade closed: target reached
Close enoughNote
Target reached perfectly, you should be out of short positions now.
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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.