Loading ...[approximately] 22 out of 25 up days….
yes….yes…I know…this rally UP TO NOW has been ragged and divergent–with stocks and ETFs outperforming gold futures–with each day gold being sold off the high yet clinging to a few dollars of gain–with silver under performing….this is why so few traders catch a bottom in gold…the charts always look scary with broken support and projections of 700 or 800 gold….and those that do, usually jump ship in the first 3 to 5 days as the rally looks like it wants to fall apart.
I am NOT saying this is anything more than a weak oversold bounce….but I would not be surprised to see this rally start an acceleration phase and go much further than I would think–with more than a $9 gain so far as I write, today may be the kick off….all gold rallies begin in “hopeless & friendless-ville”.
JNUG has gone from about 14.20 to over $19 this morning in pre-market trading–a 30% move…figuring in the 4 to one reverse split, JNUG could hit $80-$100 if it equalled the $34 high of the last 12 months.