Haven't touched stocks or ETFs for a while and now I decide to get back to my favorable Gold stock analysis.
We can easily spot that flag on 4H or Daily chart of GDX, normally with previous bullish price action, gold has slightly more chances on breaking the top side of the triangle.
But!! When I zoomed out to weekly, it tells me a different story. GDX was unable to break the resistance, and I'm thinking that we are on a beginning of a small bear. And I'll post the screenshot below.
I'll keep this post as long as I can and I may consider to enter a trade once there's a breakout on the triangle.
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Support Broke, so nice target will be here?
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many failed attempt, daily still have hopes on breakout, even though miner tells different story
@Lionheart-EWA, waiting gold to push down way lower, either we drop hard now or we jack off now
Lionheart-EWA
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@Cornhub, Bro, the triangle is being invalidated and it becomes a flat. There are multiple technicals pointing for a bullish outcome around 21.10 mark. This corny set-up might just squirt on the up-side.
Cornhub
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@Lionheart-EWA, my friend, that’s a interesting channel you have there. Personally I’d more rely on the gold chart instead of miners, but that potential bounce point could attract some gold diggers to hop on
Cornhub
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@Lionheart-EWA, I think the price is pretty much touching your bottom line of that parallel channel
Lionheart-EWA
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@Cornhub, Golden Fapmasters might just come for the shower party.