Gold Extended From 3 Yr Trend, Covered Short In Q’s

Gold is extended from its 3 year trendline and will be a much better buy when it comes in for a tag of that line. Today I also took 7% profits on SQQQ, no need to be exposed to options expiration week volatility.
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Here’s an interesting chart I came across after I made the video:

This is a relatively new ETF that trades 2x inverse to the performance of gold miners. Note the tail after the pierce of support during today’s trading. If DUST stays above this level on a closing basis, it is a buy for what could turn out to be the right shoulder in a beautiful head & shoulders reversal. The best part about a long play here is your stop loss should be any close below $40.05, which would amount to just a $.60 loss on a $40 ETF. The upside in the immediate short term will be as high as $43-$44 and it could run all the way to $48 before peaking again. I will disclose this if I enter a position.

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About Aaron Basile
Market Technician, Equity/Commodity Trader, Austrian Economist, Contrarian Investor

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