So Gold is finally back in a buy/accumulation zone, even though DXY may have more room to run I doubt this will translate in to heavy downside for gold. 1650 maybe? However, the stars look alligned once again to buy gold, or in this case GDX (Gold miners ETF). You can see the trade parameters in the chart. But this is definetely an opportunity...
Call me crazy but, I don't give a <3.
The miners don't lie. Bearish Head and Shoulders formation. That is top if I ever seen one. 26 is the minimum lower target. 20 is the target I would like to see. At 12- 16 I will take out a loan to invest in GDX.
The economy is not in good shape as demonstrated by GDX acting weird and very bearish. It is well known GDX is a...
AMEX:GDX has formed long-term support that has been built upon the arc shown in the chart. Should this arc prove to be true and continue to hold, it will lead us to our SCOTCHstocks initial target range of $52-$60.
Everything shared here is my own opinion and no results are guaranteed. Good luck!
... for a .42/contract credit.
Notes: With 30-day at 44.5%, adding some miners out in the April monthly on this weakness. 1.58% ROC at max as a function of notional risk; 12.82% annualized. As usual, will take profit on approaching worthless or roll out/take assignment and sell call against if in the money toward expiry (whichever pays more credit).
GDX... no change in trajectory - bearish.
Previously, called and exited near the top in August 2020 and expected this bearish tones.
Noted BRB Buy Signal triggered as well as the RPM attemping to turn bullish.
Otherwise, MACD is clearly heading down and GDX gapped down to break two support levels in one candle.
More downside seen, at least to 30. possible...
Asset classes push and pull against one another. We have seen the GDX break it's trading range with the fall below neckline of it's head and shoulders position. It is telegraphing further breakdowns across asset markets.
GDX in the buy zone below green line. Stoploss below white line. Profits are lines above. The only thing stopping this thing from going up is the price of gold. I'm personally bullish on gold and recently bought some. Gold is trading pretty high and could absolutely go lower, don't think it can't. I have a good friend who has been buying gold for the last 20 years...
A powerful upside move is just moments away. Easy to spot this as we could see higher lows and price staying above the 200-day moving average over long period of time (don't actually need any other indicators. $130 (3x) upside is just conservative if you plan to hold this for 6-12 months. I am adding this ETF to my portfolio.