SOROS or YELLIN?

Who’s in control here?

This past weekend I mentioned a likely attack on the markets by financier George Soros, who is out to destroy the Trump presidency.  I figured it would be the stock market, but was it him who whacked the U.S. Dollar this morning?  This drove up the Gold price just hours after I had shorted the Junior miners (via JDST).

FED rate announcement tomorrow!

Awhile back I thought a good rule would be: “See a play, wait a day.”  I should have listened to myself.  There’s seldom a dull moment in these precious metals markets, especially when wolves are around.  Can I hold my short for the full eight?  So far so good, but my grip is being tested.  January CBB: 111.

Happy Trades to You!

GOLD: Short Again !!

Short via JDST @ 18.81, 10:35am.  More to come.  (I could be wrong: Always use stops.)

UPDATE:  We can always improve.  I followed JNUG (not shown) to more clearly determine the best shorting level, and when its uptrend line broke I bought the JDST.  The next time it gets this close, I will open the other chart (in this case JDST), and buy from its indications.  With JDST, the slight variations between the inversion of the two meant the downtrend line was broken to the upside 20 minutes later, giving a better buy area.  It’s only a few cents difference, but risk decreases the farther along you can hold off.

Happy Trades to You!

Weekly GOLD Roundup

My last report foretold of GLD’s activity this past week accurately, with one clarification: the Shooting Star test, expected to come later on, took place immediately.  Monday’s high of just over 116 (1220) may stand for quite awhile as downside targets were then breached, and even the 113 level was broken on Thursday, with Gold bottoming early Friday morning at 1181.  The rally that formed from there was subdued, signaling a potential shorting opportunity on Monday.

A continued downside is also more likely because of uncertainty surrounding the FED’s Open Market Committee rate decision, which will be announced Wednesday at 2pm; and there is more: Concerted efforts by the Dark Side to ‘assist’ this downdraft are becoming increasingly apparent.

Financier George Soros has pledged to destroy the Trump presidency, which probably means an attempt to crash the stock market.  One problem with Gold, and particularly the Gold miners, is their exposure to loss along with the other stock sectors during any market collapse.  Even if the metals are lightly affected, many stock holders must liquidate all positions, including purported ‘winners’, to generate cash.

Most intriguing is the psychological attack now unfolding through the recently released film “GOLD”, which recounts the late 1990s Bre-X mine scandal that preceded Gold’s dramatic lows back then.  An alleged bonanza had been salted by company insiders, and the billions invested, by small and large investors alike, were lost as the truth came out.  Gold miners were shunned by them for years after that fiasco.

This negativity had been further fueled by the 9/11 travesty.  An attempt to recreate that state of mind is now being made, and cannot have been a flippant decision – movies take time to produce.  There is much forethought here, going back at least a few years.

With all of this headwind for the Gold Bull to tack through, there will be many opportunities to profit on both the long and short sides.  Monday I’m planning to go short again via JDST, and will immediately post the details if I do.

Happy Trades to You!

GOLD: Lesson Confirmed!

JNUG opened three cents above Thursday’s close, then muscled up to 8.25 before testing the open, down to 7.97, on light volume.   An E-Breakout from there (see Wednesday) to 8.39 retraced for a clear 8.15 C-Point print.  We were saddled with sideways trading for the rest of the day.  After briefly rising to 8.41, JNUG closed just under the B-Point at 8.37.

A good shorting opportunity may precede the FOMC meeting next week.  There will be more about this in the Weekly Roundup. CBB: 124.

Happy Trades to You!

GOLD: Learn, or Yearn

JNUG collapsed when the market opened, then streaked up halfway to Tuesday’s 8.90 close.  It later taught us a lesson in “E-Breakdown” patterns (see our Youtube channel).

After an E-Breakdown, which tested the early (day’s) low of 8.14, down to 8.17, JNUG rose into lunchtime and fell from yet another E-Breakdown, testing to 8.16 (still above the low).  Not shown: It then traversed skyward, bursting through the early 8.55 resistance to close at 8.68 – still well below Tuesday’s close.

With the Federal Reserve’s Open Market Committee decision just a week away, and with the West ever subject to FED power, whether or not the bankers raise rates this time around (we’ll know more on the weekend), this uncertainty is driving our precious down.

Happy Trades to You!

GOLD Bull: TRAPPED!

JNUG surpassed its 9.51 target after beginning the day a little below Monday’s close (9.17). It rocketed right out of the gate, and, after busting its uptrend line, consolidated into a compact E-Build, then streaked to the day’s high of 9.64. Several attempts later to regain that level failed to inspire confidence.

Both GDX and NUGT also followed suit, after what must have been a three Martini lunch for the Dark Side boys. The resulting Shooting Stars in all of them will likely be retested – at some future date. Smart traders took profits.

Friday’s position in JDST, picked at a very good price (which means the stop wasn’t hit), turns out to have been a wee bit early; but now this sucker move up has drawn in all of the usual suspects. Those downside targets for Gold will likely be lowered in the Weekly Roundup.

Happy Trades to You!

GOLD Up. Dollar Demise?

Is the Trump Effect again working its magic, or are signs of weakness in the Dollar responsible for Gold’s rise.  Maybe it’s a combination of the two.

After a gap-up open and a bottom test (still above Friday’s close of 8.56), JNUG rose through the early going and then consolidated the rest of the day, ending on a high note.  The secondary uptrend line (solid blue) demarks the C point of an A-B-C-D up, where the upside target is now 9.51.

One aspect which augmented JNUG’s early strength was a complex E-Build (which is one of them inside of another, or they are over-lapping).  Occasionally two or even three of these occur, and they are very powerful intra-day basing support.

Happy Trades to You!

Weekly GOLD Roundup

Gold, and concurrently its GLD ETF, has just broken above its 2014 breakdown level (broken line). Such events are generally back-and-forth affairs, which appears to be the case here.

Three hyperbolic reversals have taken place in GLD recently, yesterday’s upside Shooting Star being the last one (the previous two were on the downside). Such high volume reversals are usually retested, and with Gold, downside weakness is most often taken care of before any significant upside is likely.

My bet is that the 114 level (~1195 Gold) will be hit next week, and that 113 (~1185) is also probable, though possibly not next week. There are some issues farther down, but first these two must be resolved one way or the other (I may be wrong – always use stops). The best part is that the upside Shooting Star will also be retested, maybe successfully, after all of this mayhem.

Happy trades to you!

GOLD Corrects

Trump’s Gold “rocket” fizzled.  WileE finally prevailed, but not for long.  It really is a Road Runner’s world.  The failed retest of Gold’s recent high portends lower.  Per Tom O’Brien: “If they can’t bust it up, they’ll bust it down!”  Got lucky: JDST at 18.47.  CBB: 114.

GOLD Whipsaw

A JNUG gap-down open appeared to be WileE’s last tribulation as the high-beta Gold ETF streaked northward for a 10% gain. But alas, the Dark Side then slammed it down even lower than the open, blowing out stops of those day traders (and others) who forgot to cash in on a hyperbolic. The E-Breakout bottom then set up Friday for a Trump Effect rocket. Do blondes have more fun? We’ll see.