GDX is giving back a lot of the gains since the beginning of the year. I didn't expect such a big correction, but now that its happening I could see it going at least to 38.2% and maybe as much as 50% FIBO. The 50% retrace would put it close to the 200sma and return to the mean. This will be good for the long haul, but doesn't feel good if you are in miners. I'll be looking to go long at $22 for sure, maybe sooner.
Trade active:
With the Dollar finally dipping, Im taking a trade in NUGT! GDX should move higher here
Comment:
Well it took a while, but finally reaching my target. Within that 38.2% to 50% retrace. I think GOLD actually went to 61.8% Yesterday. Very close to a great buy