why both GLD and DUST down today

SPDR gold shares GLD is slightly down today and DUST (Gold bear 3x etf) is also down quite a lot. DUST is 3X in selling short of gold. Why are both of long and short are down? Maybe DUST was too much overreacted in the past few days.

 

DUST is inverse gold miners ETF (like inverse of GDX) not inverse gold.

 

Thx

 

GDM arca gold miners index. Dust 3 times inverse, NUGT 3 times. Although you can definitely see the erosion.

 

Very strange. What is going on at 2am every day to knock metals down?

 

@Sotnis nothing. Gold/silver are very technically oriented markets. Algos find a pattern ($ falls at 2am), and they keep repeating the pattern each day.

 

By the way, if anyone's interested I wrote a post about why gold has to fall a little more before the downtrend is over.

http://tradingslugger.com/2015/07/22/gold-is-extremely-oversold-but-will-still-fall-a-little-more/

 

what pattern is that? Why $ falling at 2 am?

 

@GarrettKimmel yea that's the pattern. the pattern used to be "price would spike at 8-8:30 a.m.". now the algos have changed it