GDX has traced a nice accumulation pattern, after the monthly downtrend expired in September 2015. It's currently confirming a time at mode uptrend which aims for two possible targets, 23.21 and 30.67. Considering the monthly downtrend mode resistance sits at 23.89, the first target seems way more likely to get hit.
I'm long from a discretionary entry I took a day ago, but you can enter either now, or on a slight retracement, with stops under 19.51. Good luck if taking this trade.
Cheers,
Ivan Labrie.
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GDX might outperform gold by 10 to 30%.
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Good progress so far, I'm in from 20.72. Let's see how far it goes.
Trade closed: target reached
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Target #1 hit, if it retraces we might be able to go long again. I'd tread carefully, considering where gold is sitting currently.
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Retracement came, long again.
Trade closed: target reached
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Boom, nice dip buying right here guys.
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Taking a short miners, long GLD pair trade is wise.
looks like my hypothesis is right:) i think maybe GDXJ can be better
IvanLabrie
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I hope you took the long!
Seems like my analysis favors your thesis.
Cheers :D
archiki
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just what i needed :0!
IvanLabrie
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Hang in there, I see it hitting the targets with ease.
Cheers!
archiki
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Cheers!
bracken
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I could not agree more :agree:
IvanLabrie
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Let's see how it goes, good luck!
bracken
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We should not forget gdxj (gold mining juniors) though. They usually move like or even lead gdx but with a leverage. Be very careful with dust and nugt unless for daytrading.
IvanLabrie
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I don't do leveraged instruments, but thanks for the heads up.
GDXJ looks really good too.