Over the next few days I'm expecting Gold to hit & bounce off 1280. After that, anticipating Gold to continue declining (likely with some pauses & upward corrections) towards 1220.
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The highest GOLD can get before it turns bullish is 1298. While I don't think its likely Gold get back up there anytime soon, its still in the realm of possibility. Retest of 1285 is more likely than 1298.
I'm going to stick to my original thesis. I think GOLD opens up Monday with more selling.
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To give more context. I sold half of my position in JDST on Thursday and I added a little bit of JNUG to hedge my half position in JDST. Depending on what GOLD looks like on Monday, I'll either be adding more JDST or JNUG.
Gold could very well have a short-term rally to 1285-1308