Time to Take Profits in Gold on A Short Term Basis

Thursday  Aug 29 Before the Market Opening
We have had a 20% rally in Gold  since it made a bottom around $1180. You may take profits in Gold related stocks even though we do not have a SELL signal yet.
Yesterday we told you to take profits in Silver.  I want to say it again that we do not have a SELL signal in precious metals yet.

US stock markets will have at least two week rally starting some time today irrespective of whether we attack Syria  now or later.  Thursday &  Friday are off days in Syria.  Rumors are that USA may attack  Syria today. Best time to attack will be early morning  Friday in Syria. They are 11 hours ahead of us. It will be after the markets close today in USA.
 Gold

Gold Mining Stock  ETF  (GDX)  gave a clear SELL signal yesterday. Tuesday morning  would have been the best time to sell this ETF.  It has completed 5 steps down of the first leg down yesterday. There may be a rally which will be the second leg up. So sell GDX & NUGT which is a  3X leveraged long ETF if you  have not already done so, into any rally.
Instead buy DUST  ( 3X Inverse ETF) as it has given a Buy signal. Insiders have been buying it heavily            between 20 & 23.

Some charts:
GDX  Gold Mining ETF

GDX (Two day chart)

NUGT ( 3 Month chart) 3X Leverage  Gold Mining ETF

NUGT ( 2 day Chart)

It is very interesting to look at DUST which is 3X leveraged Gold mining  Bearish ETF. If the mining stocks go down, this ETF goes up. Since  late June , it has been going down. Only yesterday, it gave a buy signal after completing 5 legs down. Notice very heavy buying by insiders near the bottom. Buy into any decline today & tomorrow.

DUST 3 month chart

DUST in last two days

Also sell TZA into any decline  before the end of today & buy TNA ( Bullish 3X leveraged Russell 2000)