GoldMiners(GDX) - Breakout-Doji-Breakdown
I'm not going to trade this one, because I'm already in DUST , though I don't like to short
gold in a starting bull market .
It's a warning for those people who were jumping on the miners boat very late in this cycle hoping that miners will skyrocket out of our solar system...
If you check the green boxes in the past the recipe was :
Breakout with a huge volume to new highs, a small volume doji and a breakdown with big volume.
The dollar seems to be turning up and rallying for a few weeks now. That will supress gold also.
I think yesterday the big banks unloaded their miner shares to dumb money.
If you were buying be very careful. It's very late in the gold cycle so some kind of decline is coming sooner or later.
If it's the case an 50% pullback is normal that would mean a 17.73 GDX...
gold in a starting bull market .
It's a warning for those people who were jumping on the miners boat very late in this cycle hoping that miners will skyrocket out of our solar system...
If you check the green boxes in the past the recipe was :
Breakout with a huge volume to new highs, a small volume doji and a breakdown with big volume.
The dollar seems to be turning up and rallying for a few weeks now. That will supress gold also.
I think yesterday the big banks unloaded their miner shares to dumb money.
If you were buying be very careful. It's very late in the gold cycle so some kind of decline is coming sooner or later.
If it's the case an 50% pullback is normal that would mean a 17.73 GDX...
Comment:
Smartmoney used the old trick.
I was so sure about it!
Make a breakout and sell everything to the retail traders.
They got out at the highest prices.
How many times can the do it ???
I was so sure about it!
Make a breakout and sell everything to the retail traders.
They got out at the highest prices.
How many times can the do it ???
Money is flowing out of gold.