should have been more of a sustained bounce off that trend line if there was any commitment by the bulls. yes it may move up this week only to retest the TL and fail down, all the way to 22 & change. What's to stop it? Certainly nothing on the charts i'm reviewing.
Bit of support at 24.40 then a double bottom at 23.89 maybe... but trend lines eventually fail and the more hits the weaker it becomes after 3 or 4 hits odds of a fail increase... this one has been hit 6 out of the last 7 trading days and once before that so don't count on it having much strength... the buyers are tired of defending it only to see it fall back down.
Just play both ways and those who can't short use DUST then NUGT every day there is money to be made IF you are flexible and not stubborn... some would rather be right than rich. LOL
I agree that nothing can be counted on in the Matrix of easy money and manipulation. You have one clown say QE to infinity and another say QE stops soon in the same week. All you can do is play one or both sides or commit to being long gold and hedge with a short for protection. Now we have a typhoon delaying the Hong Kong markets. Let me check my weather modification conspiracy channel to see if it was a deliberate attempt to halt the markets by the powers that be. LOL