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Short

GDXJ - Selling into the breakout

AMEX:GDXJ   VANECK VECTORS ETF TRUST JR GOLD MINERS ETF
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Gold price was pulled up on low volume Friday after the NFP data.
A strong NFP data should have caused a steep decline in gold but I think nobody was prepeared for that at Smartmoney.
So what can the banks do in this case? Bullion banks are starting to pull up gold price in the low volume Friday afternoon session. In the gold bull market - and miners bull market - traders get used to buy the dip so they think the rally will last forever. But not this late in the daily cycle and so much stressed above the 200 EMA on the daily chart . Miners are due for a correction and I think we have seen the top in GDXJ and GDX yesterday.
The artificial gold rally on Friday gave the chance to miners to rally higher and banks could sell into this breakout.

I'M looking forward to see a GAP down open in the miners on Monday.
Comment: Second highest volume in DUST. Banks are positioning here in the last 3 days.
It drop on opening and was recovering on half of average volume. Consolidating - people are not sure. After breaking $30.68 on third attempt it backed off immediately and was weak until last 30 minutes.

Tomorrow we will have 3 FOMC members speaking 9:15 Tarullo, 9:35 Bullard, 17:30 Kashkari. Let's see what they have to say. I think now conditions are OK for Fed to start talking - looks like we have officially recovered from Brexit :).
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Im quite impressed. GDX doesnt want to go down
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Looks like GDX intend to make first half of reversal: made new high and intend to close lower than Friday. I am 1/3 in DUST, just in case it "unexpectedly" shoot up tomorrow :).
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There is a run on bank unfolding in Italy. ATM's are getting emptied. Something to keep an eye on as well. Might provide another boost for gold, silver and dxy.
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marketpundit marketpundit
bear in mind this has nothing to do with tech analysis but simply an observation.
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Will Gold break Down or Up?
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JesseL JesseL
We should know in the morning.....
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I agree, too far extended past the 20day ema... i believe in regression to the mean.
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why do you short GDX instead of buying DUST? just wondering cause the R/R seems to be better on dust imho. if we get a dcl in gold at about the area of 1300 DUST could nearly double up - gdx target would be "only" about 25%.
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I just wanted to show what are my thoughts regarding the miner pop on Friday on a high volume and a gold rally on low volume.
EVerybody can decide to jump into a 3x etf lke DUST or just short GDX. DUst longs were not to profitable in the last half year....
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