Direxion Daily Junior Gold Miners Index Bull 2X SharesArca
Description
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What I called back in mid November has came to fruition:
Gold is finally gearing up for its 'true bull run'. What we saw this year was a premature run based off USA-China trade, however now, we will start to see the real bull in the making.
A re-test of 155-1560 is very likely before between late January and early February with new multiple year records thereafter.
2020 will be a fantastic year for Gold, Silver and Platinum.
Don't forget about Platinum! PPLT (etf: bullion) and Impala Platinum (IMPUY) are the top Platinum picks.
- zSplit
Comment
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Targets for 2020 (End of Year Finishes) - Palladium: 2400-2500 - Gold: 1750-1800 - Platinum - 1250-1400 - Silver: 23-24
- zSplit
Comment
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Today’s sharp decline in metals is nothing more than pre-Fed shenanigans to force stops in leverage funds and provide liquidity to manipulators.
Look for the trend to reverse as early as after the Fed meeting or anytime in early February where the next leg up begins.
@jojotrading, Nope. Trend is still in-tact and still targeting $130 by March or sometime in early March. Gold target sometime in March is 1700+ and Silver 21+. Currently we are still in a mid-cycle correction which is essentially colloquial for swing movements.
VooDoo7227
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Did the gold miners suffer from the spike in oil prices? Cause xauusd was up and the gold miners did not follow.
PaulDeep19131
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@ericlee120685, There were two possibilities of things happening today.
1) Gold as a commodity rose unexpectedly and as a result many investors and big money won’t put buys in until next week. In this case it’ll take a few more days for them to rally if this move was legitimate.
2) Gold may have gotten ahead of itself and Gold May come down to the 1530 level early next week before rising up again to new “yearly” highs.
My estimate is on the former rather than the latter and I expect JNUG and Gold stocks to rally next week although 2) is still somewhat possible.
PaulDeep19131
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@ericlee120685, keep in mind that this week was still considered a holiday and for that reason energy and gold stocks may not responded until next week when volume returns to normal. Rarely do you see big upside moves on low volume maintain as then when all traders restart, they missed the run.
Sounds superficial but it happens all the time. Which is why energy stocks didn’t rally with oil today or they rallied and faded.
Keindinsky
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Good job zSplit. Always enjoy your analysis.
PaulDeep19131
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@Keindinsky, Thank you for the kind words my man. Cheers!