GOLD: Formed a Shooting Star on Daily; Breakdown is Likely
Gold has formed a shooting star to roughly the 1550 level and will likely breakdown another leg into the mid to upper 1300s. Not necessarily all in one day, but that will remain as the overall trend.
As I stated a little while ago, Gold will breakdown below 1400 to the 1350-1390 range and not until Gold goes below 1400 can we 'think' about true long positions.
Until then, it will remain a scalping and swing-traders environment. For those who have profited off of miners in the past couple of days, I recommend taking at-least some profit, especially for those invested in JNUG and NUGT.
Silver will also fall simultaneously, to roughly the 9.50-9.55 level. At this level we can enter 'true' long positions slowly.
- zSplit
NOTE: It is possible that there could be some re-test into the 1540s at some point over futures, however, the breakdown is still expected whether this occurs or not.
As I stated a little while ago, Gold will breakdown below 1400 to the 1350-1390 range and not until Gold goes below 1400 can we 'think' about true long positions.
Until then, it will remain a scalping and swing-traders environment. For those who have profited off of miners in the past couple of days, I recommend taking at-least some profit, especially for those invested in JNUG and NUGT.
Silver will also fall simultaneously, to roughly the 9.50-9.55 level. At this level we can enter 'true' long positions slowly.
- zSplit
NOTE: It is possible that there could be some re-test into the 1540s at some point over futures, however, the breakdown is still expected whether this occurs or not.
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