Auguraltrader

GDX pushing further down to target !

Short
AMEX:GDX   VANECK VECTORS ETF TRUST GOLD MINERS ETF
As previously observed, analyzed and projected... GDX is going down hard.

There is a current rotation ongoing, and GDX needs to retrace strongly, base out and rotate back in again.

Wait for it...

Comments

It crossed below 200 EMA and gold price dropped below 1800 . There is no support in sight. Until it reverses and goes in uptrend , it is not safe bet.
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Auguraltrader vipasa773
Hi @vipasa773
You are right, indeed it is!
breaking 1800 decisively would be dependent on the USD... which actually looks ready to pop
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is your GDX price target $32 or lower ?
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Auguraltrader RealMoney617
@RealMoney617,

Next stop is $32. Extended at $28, which at this point, does not yet seem likely.
You can tell that from the candle sizes, and also that Gold is holding to consolidate at 1800 for the time being.
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