UXG, like most gold stocks with the post-fed induced exuberance which trashed the dollar and caused a buying frenzy in gold and gold stocks, overshot the resistance level pointed out on the daily chart. like i mentioned yesterday, i like to be more liberal with my stops on and around fed days due to the almost guaranteed volatility and knee-jerk reactions to stock from the announcement. i added to the short today on this channel over-throw, which i often see right before a channel or a wedge impulsively reversed and breaks to the other side of the pattern (in the case, down). i have a chart to put up later which might make a compelling short entry for the gold stocks (or the GDX/ NUGT etf’s).
EDIT: UXG changed symbols to MUX shortly after this chart was made.
