It’s not often that I recommend some shit chart to my friends, but as it’s coming close to 10AM CST here in the Windy City and I’m about 1/2 a bottle of Jack in, I figured I’d share this glimmer of hope for my dumpster diving traders.
Here we have the DUST chart and as you can see we are setting up off of Broadening Formation support on the weekly chart. Personally I hate buying crap like that, but I am on “risk-on” mode right now and furiously have hated on this Gold rally. So, I bought some down here at 4.50. If we hold 4.25 or so, I think this can be a quick 50% gain in the next two weeks or so.
A quick update now that we’ve popped a nice .40 cents since I have saved the previous chart. Our first target for DUST is 5.50. Then, we’ll push up to $7.
1/2 bottle of Jack at 10 am ? Are you hanging around Billy Goats by the Board of Trade or something ? ☺
He is passed out by now
Don’t judge me
+1
Varel,
Still bearish? Has your thesis changed at all? Or is this a good spot to press gold shorts? Thanks for any update.
I still like short gold products. GLD needs below 115 to press that short, DUST long held $4 but needs a move above $6 to really get moving.