SCT Issue #233
JNUG hit my recommended stop a few minutes ago, taking you out of your position for a modest loss.
However, my work still shows miners putting in a temporary bottom. But the downdraft in gold was simply too much for them.
Gold has slid through support at $1,142 and is now trading at $1,130 as I pen this issue. Support lies just below here, at $1,126. I expect gold to bottom there, or at current levels, and then begin a multi-day snapback bounce rally that takes it back to the $1,160 level – before the next leg down begins.
I may look to have you reenter the long side of JNUG for a short-term trade, but wait for my signals.
Hold all other positons and related stops.
Best wishes,
Larry
