I recently published a chart " time to get in gold and silver" ( tradingview.com/v/QB90ofkb/). Since winter 2013, there 's been a large sell-off in gold. Gold miners started their sell-off well before in December 2009.
For 3 months now I've been paying attention to the gold miners ETF, GDX, as it was approaching a key support. Well this support has been "confirmed" by the Barrick Gold (ABX) one of the biggest gold miners.
I'm taking a very substantial position in ABX for the long term. The stock nicely bounced from it 's support, it might go down again to test that support, but I'm confident that long term, this trade will be a winner.
Cheers
Algo
Comments
Algokid
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long term resistance finally broken.
Algokid
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As expected , ABX is meeting some resistance today. Will most likely take a position into GLD by month end.
Algokid
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ABX and Gold miners (GDX) are doing ok so far. There's still some resistance ahead. As for gold price, I'm waiting till mid -September to determine a possible entry point.
yalo
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Congratulations , good analysis,where do you put the stop lose? Thanks in advance
Algokid
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Thank you Yalo. I have a stop loss at $9.75 , right below the support levels. Need to let the trade " breath" .