I see some kind of head and shoulder pattern evolving on the hourly gold chart.
I would definetely not wait for the pattern to break and go short from there because the target price is way too far and the drop might be stopped before we could reach it.If you want to short it I think it's better to short it from here and put your stop right above the 200 and 100 at 1510.
The risk is to lose 10$.
On the we could back test the 50SMA and the false breakout at 1453 at the daily cycle low.
If you take this trade I suggest a small position only because.
I went LONG NUGT/JNUG yesterday -- just a partial position, nothing earth shattering.
That being said: If GDX closes below the 21DMA, then I'll likely exit, take a small loss and wait for the next set-up.