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NUGT HOLDS Support...NOT! Part 2


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#1 Rogerdodger

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Posted 30 June 2022 - 10:10 AM

$40 was my line in the sand...

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#2 gannman

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Posted 04 July 2022 - 05:58 PM

Where do you think it's heading 30 ?
feeling mellow with the yellow metal


#3 Rogerdodger

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Posted 14 July 2022 - 11:10 PM

hit 28 today.

As I remember, during 2016 NUGT price was so low that they did a reverse split of 5 for 1, and following that, I remember it continued to drop until the end of the year!

04/02/2013    1 for 5
08/20/2013    1 for 10
10/01/2015    1 for 10
08/25/2016    5 for 1
05/01/2017    1 for 4
04/23/2020    1 for 5

 

"Only yesterday morning, the market had just finally priced in a full 75bp rate hike in July for the first time. In a few hours, an above-consensus U.S. CPI reading and a surprise 100bp rate hike by the Bank of Canada changed the whole picture again. After these two events, markets have moved to seriously consider a 1.0% rate increase by the Fed in two weeks," said Francesco Pesole, FX strategist at ING


Edited by Rogerdodger, 14 July 2022 - 11:25 PM.


#4 gannman

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Posted 18 July 2022 - 05:19 PM

close to a bottom now i believe 


feeling mellow with the yellow metal


#5 Rogerdodger

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Posted 18 July 2022 - 09:29 PM

CFTC Gold traders most bearish in 3 years

 

"Investors cut net length by a very large 6% of open interest (3 million oz) as it became very apparent that real rates on the short end of the curve will continue to increase and there was little chance of upside"

 

For the first time since May 2019, gold's speculative positioning has turned net short by 6,133 contracts. During the survey period, gold prices tested support at around $1,700 an ounce.

 

The French bank noted that the entire precious metal complex saw bearish outflows of almost $4.2 billion last week, driven mostly by gold.



#6 Rogerdodger

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Posted 20 July 2022 - 12:41 PM

Not looking good for GOLD BUGS here!

$1,700 barely holding on.

 

Kitco:

Gold weaker; "volatility collapse" portends bigger price move soon

Given that gold prices are trending lower on the daily chart, odds favor that bigger price move being on the downside. Improved trader/investor risk appetite this week is keeping buyers in the safe-haven metals mostly standing on the sidelines.

Traders and investors are looking ahead to Thursday when the European Central Bank holds its regular monetary policy meeting. The ECB is expected to raise interest rates for the first time in 11 years.



#7 Rogerdodger

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Posted 20 July 2022 - 03:34 PM

$1700 got taken out today.

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