Gold bear watch

Gold has broken down from a clear descending triangle formation and just made a bearish retest.

Fundamentals are strong going forward but can't ignore the worrisome technical picture here.

I Hedged my miners portfolio with DUST. Miners could have a violent break down as they have been lagging gold.

I do not think we will reach the more bearish targets, but I am thinking we have a higher than 50% chance of going sub-1400.

Commento:

I'm thinking 1360 or 1385 as THE DIP opportunity on gold

Commento:

this idea has confluence with a retest of daily 200 MA

Commento:

over the last week, I scaled into a large DUST position to hedge my entire portfolio and am now net short.

Commento:

gold appears to ave a perfect bearish retest