Jnug to Gold "BBands tightening again, Big move coming soon"
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
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.
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