While the indices are giving back some of the opening gap, after tons of shenanigans before and after the jobs number in the futures market, I remain intrigued by the setup in the precious metals and miners.
I am going to use the gold ETF to illustrate my point of how coiled they truly are here. A big move is coming, and of course the idea is to play it and be on the right side of the trade. I am looking at $121.90 and $122.50 triggers here to the upside to get aggressive, using UGLD as a triple-levered long ETF potentially.
On the daily chart, note the inverse head and shoulders bottom pattern still intact, with price tightening up.
The metals and miners all remain in established bear markets until proven otherwise. But clearly downside momentum has been weakening of late, even though bulls have fumbled numerous gaps higher.
More on this as it unfolds.
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FB wants those new highs
It has been a monster.
thanks chess
You bet, speero. Thanks.
Great update man. No NUGT or JNUG this round?
Thanks, charlie. Considering those again as well.
I havent traded the GLD / miners in a very long time, still remember shorting GDX at $47
Things change, zook.
It is on the watch list now!