I was a bit mystified by this recent 2 day run up, but technicals did suggest buying the low. The gold bugs came out making claims as always, and it "might" have worked. But as we have seen time and time again, when gold/gold miners go up and meet resistance, they drop. So many times that gold bugs have to prove to everyone else that this uptrend is real. The recent news and technical action is cautiously suggesting that the uptrend is broken.
That being said, GDX needs to retest 22.28 to 22.06 (the red zone), 22.06 has proven to be the magic line of resistance for the last several months. I do not expect it to all of a sudden become support, but as I always suggest: USE STOPS.
I will be waiting for the red zone to begin shorting GDX/NUGT and buying DUST. Could also look at GDXJ/JNUG/JDST .
Good luck all!
That being said, GDX needs to retest 22.28 to 22.06 (the red zone), 22.06 has proven to be the magic line of resistance for the last several months. I do not expect it to all of a sudden become support, but as I always suggest: USE STOPS.
I will be waiting for the red zone to begin shorting GDX/NUGT and buying DUST. Could also look at GDXJ/JNUG/JDST .
Good luck all!