Technical Analysis on Gold ETFs JNUG and JDST Week of March 20th

Technical Analysis on Gold ETFs JNUG and JDST Week of March 20th

This week on we will be looking at Gold ETFs. The Gold Futures market has had a nice pullback and I am looking at Gold to Rally. However on the ETF markets it looks a little different.

On JNUG, We see price retesting 8.40-7.40 daily supply zone. I’m expecting price to come back down out of supply. This could be a really nice retracement for overall price movement in a downtrend. I’m expecting to see a retest of the most recent low at $5.00. Overall I feel that we are down and supply / resistance has held over and over again. We are in the middle of yearly range so far so it would be a nice area for a continuation pullback to happen.

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On JDST, we are seeing a retest of the lows. This is the bearish ETF as the JNUG was the bullish ETF. On JDST we are retesting the yearly lows at $12.00. This could be a really nice area for bulls to step into this market, in other words a countertrend trade. However as we consider the counter trend play I think it’s important to realize that we are at the low and we need to wait for the institutions to step and really prove that they are going to step in here before I would put my money at risk. If the counter trend does work out I’m looking at a possible target at the $24 supply zone area on the daily time frame. So over the course of this coming week that is what I would be expecting; counter trend Long, trend follow short.

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