Trading Gold in a bear market, looking at $jdst and the overall market in gold futures.
$GC gold futures
$GC gold futures Sellers are in control.
Gold futures with sellers in control
Gold futures trading from the low volume top at $1297 falling on relatively low volume, No participation on this move down as sellers really moved in from 1280 to 1260. Previously we had a golden cross which all the gold bugs were so happy about,
Price is sitting on the 200MA and there is no direction here and volume is not showing any sort of buyer capitulation. It looks like there is room to go with next support at 1221 then 1200.
$JDST Triple inverse Gold Miners
how to trade the $JDST when there is not much direction.
Choppy days give enough room on the JDST for day traders.
$JDST the 3x inverse Gold miners ETF. As you can see on the futures chart above, gold hit the 200 MA and had a bit of support so there is a good chance that there was going to be some consolidation. JDST moved into a consolidated range and we took two trades bouncing back and forth chipping some profit out. Later the support broke, following our rules we only took two of this pattern.