Many saw this coming, but I think this is the first day where gold truly technically broke down, and broke an extremely strong support level, with not much resistance below for a long time. At the same time you have traders that barely ever short the market or gold, jumping on the bandwagon for the first time shorting the gold minors. This trend will continue for at least a few more weeks, and I expect some major upward movement in DUST, still not too late to get in on this. Could DUST break $200, quite possible, don't forget this is triple leveraged.
Good call. Gold and the miners are temporarily rising. How soon before they start dropping again? One analyst I read expects gold to drop to $1,028, which is supposedly long-term support.
If gold should drop to $1,028, any estimates as to how high DUST would go?
First post here-EVER-and I am hoping you are correct-started with these triple ETF's a while back on a tip from a friend and I am glad I started very small. It should be a very interesting week and GL. I have been long GOLD and mining stocks for way too long now :)
It's been very profitable my concern is every one I speak to is telling me buy dividnend stocks and short Gold; i'm talking taxi drivers, waitors and barbers. Aren't these trades over crowded yet? Guess I just need right exit point.