I keep getting sucked back into this junk on the long side. It's great to short UVXY but being long is almost always so wrong. I had a decent profit this morning which evaporated within an hour. Have to remember to take a profit in this POS whenever you have it. So hard to know when to close a position....uggh.
Gold has been in a down trend channel for the past two years. It is right now touching the bottom channel line and is likely to move to the top of the channel (at least) in January. In fact, January has been a strong month for gold the past two years. The price hit the bottom channel line in December 2013 and 2014 and then surged to the top of the channel during the first few weeks of the year in 2014 and 2015. There is no reason not to expect the same treatment again.