Despite the good NFP data gold is bouncing.
If you watch closely the GDX chart yesterday we broke below an important support of
20.25. As of today it should have become a resistance instead of a back test we are above 20.25 again.
In my books it's a false breakdown.
We not just closed the gap but broke below the 200 SMA.
The chance is extremely high that the miners bottomed yesterday.
One can wait for a close above the 200 SMA with the buying, but with the RSI divergence and the MACD close to cross over I'm buying here.
If a rally is beginning here it might be legendary.
If you watch closely the GDX chart yesterday we broke below an important support of
20.25. As of today it should have become a resistance instead of a back test we are above 20.25 again.
In my books it's a false breakdown.
We not just closed the gap but broke below the 200 SMA.
The chance is extremely high that the miners bottomed yesterday.
One can wait for a close above the 200 SMA with the buying, but with the RSI divergence and the MACD close to cross over I'm buying here.
If a rally is beginning here it might be legendary.
Comment:
It’s breaking above the down trendline.
Comment:
Nice bounce in GDX today. Volume is near to 70M , almost double of the average volume. Chance is very high that the bottom is in.
Comment:
Comment:
I think the opening gap will be closed. So if you want to add or enter 21.59 might be your chance.
Trade closed manually:
Closing price : 22.89
2.51$ profit / share
12,3% profit
2.51$ profit / share
12,3% profit
Comment:
If I still had my miners position I would sell it right now.
This definitely looks like a false breakout.
This definitely looks like a false breakout.
Comment:
I will try to catch the bottom at 24 where the gap is closed
