Gold is due for a fall


Recently, gold has been on a tear. Reaching three month highs alongside Trump's presidency has the bulls feeling great. However, from a technical perspective, gold is due for a significant fall in the short-term.

Today, gold completed a "three black crow" pattern, indicating that a bearish reversal is coming. Additionally, inverse gold miner ETFs (such as JDST) popped today, with JDST being up nearly 8%.

JDST has also formed an inverse head and shoulder pattern, indicating a bullish reversal in inverse gold miner ETFs, and a bad sign for gold in general.

I would anticipate a significant, but not killer, pullback across the entire gold market in the coming days (maybe till the end of February).

Update (March 11, 2017):

Gold had run up to nearly 1260 after this post. However, gold, as predicted, has pulled back significantly, to current levels of 1204.

I had a position in JDST which I sold for a loss around 12.10 for I feared it (JDST) would go down further.

Hopefully you all made some money. Remember, always have patience. Best of luck to all!

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