Jnug to Gold "BBands tightening again, Big move coming soon"
Yes a big move is coming soon and I think that that big move is down. Last Fridays poor price action for Jnug is the writing on the wall. With such a strong break up for gold, Jnug should have behaved better than that if there was strength. So while I think gold will continue up towards the top of its wedge, I think Jnug may not perform that well. I wont guess on a price top for early next week but I will be monitoring it closely. Then I will sell my Jnug and buy JDST. I am hoping that Jnug can retest the red zone again and hit the $20 area but I am losing faith in the ability for it to fill that upper gap. The JDST gains should be very large over the next two weeks starting after Tuesday is my guess. I am fully expecting Jnug to drop all the way down to $9.40 - $8.15 range. I am looking for GDXJ to drop to first test the December lows of $27.47 range. If that breaks then I would look to $26.35 range. If for some reason we actually get that low, then there would be nothing that I can see stopping a drop until $21. To put things into perspective. Since Jnug tracks GDXJ. If GDXJ drops to the $27.47 range, that would be a 14.8% drop. On February 24th and 27th, GDXJ dropped 13.6% in two days which translated into Jnug dropping 36.66% in two days. That would bring Jnug down to $10.95. And I think we will go lower than that and get to the $9.35 to $8.14 range. If we get to $8.14, that would affectively be a retest of the 2015 lows for Jnug (reverse split included).
After we get down there then I fully expect the Fed to raise rates and we get another rally. But it seems that the rallies are smaller and smaller. This once might be very short lived, maybe a month or two at the most?! That's a little two far in the future but I have been predicting that gold has not started its bull market and that gold will drop hard into early next year.
I will post my GDXJ chart and Gold chart next. GL
After we get down there then I fully expect the Fed to raise rates and we get another rally. But it seems that the rallies are smaller and smaller. This once might be very short lived, maybe a month or two at the most?! That's a little two far in the future but I have been predicting that gold has not started its bull market and that gold will drop hard into early next year.
I will post my GDXJ chart and Gold chart next. GL
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GDXJ Chart with price drop measurement
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gold chart
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Boy are we wound tight. I think tomorrow Jnug will make a move. However, I am taking a chance to hold Jnug one more day. I don't suggest anyone try this at home ;) What I mean is that this could easily break down tomorrow and continue down for the next couple of weeks. It is a good bet to buy JDST after watching the price action tomorrow. Since I think that gold is going to go up for one more day until the ADP report on Thursday, I am hoping to get a little bit of a bump in Jnug just for tomorrow. I am hoping that the big money creates a false move positive for Jnug like they sometimes do only to reverse course maybe in the same day. So Tomorrow is a big day for me. I just don't think Jnug will maintain that wedge for another day. It could but is doubtful.
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4 hours gold chart
It might be too early to say this but, there might be a small bullish divergence on the RSI 5. There was one last week and that led to the break out move above that red resistance zone. I could be wrong of course but this is the small count I am watching for gold. This is also the reason I am taking a chance with Jnug for tomorrow. GL