Rise and shine, or snooze and lose

24 May 2017

Gold had a pretty significant down day, resulting in a sell off in the miners to a prior support level. Will be using the opening position to determine potential path for tomorrow. An opening above 34.50 may result in a push towards the prior resistance above 36. A lower open below the prior support level of 33.71 may result in an initial upward movement into new resistance. If the lower open occurs will be looking for an upward movement in NUGT and enter DUST with a stop limit entry once the prior support level is lost. If a higher open occurs will be looking for the support level to hold and will be long NUGT with a stop loss at 33.71. Either way Gold and Miners are showing weakness but may move higher near term.