Since GDX double bottomed i have been looking for a place to go long on metals, believing we might have a decent rally provided it breaks downtrend.
Unfortunately, metals are looking very weak, there is no serious strong bounce. Consequently Miners are not able to break thus continuing downside slide.
Even if i am bullish, charts tells me we might have more downside for next couple of weeks, plan is simple:
- If gets to breaks 1&2 soon, confirmed with volume and holds above, prices will be back in bullish territory and certainly test 1434-1464 and 1563
- If prices timidly start the week and can't even get above 1309, it will certainly break 3 and test the lows. No need to specify that anything below 3 would have same effect
I'll watch silver too and will certainly make a move, first pattern i'll watch is double bottom, even a potential fake break to the downside, because overall i think metals are just for sale at those levels.
Happy trading and good luck!
Unfortunately, metals are looking very weak, there is no serious strong bounce. Consequently Miners are not able to break thus continuing downside slide.
Even if i am bullish, charts tells me we might have more downside for next couple of weeks, plan is simple:
- If gets to breaks 1&2 soon, confirmed with volume and holds above, prices will be back in bullish territory and certainly test 1434-1464 and 1563
- If prices timidly start the week and can't even get above 1309, it will certainly break 3 and test the lows. No need to specify that anything below 3 would have same effect
I'll watch silver too and will certainly make a move, first pattern i'll watch is double bottom, even a potential fake break to the downside, because overall i think metals are just for sale at those levels.
Happy trading and good luck!