Easy to see where some sellers and chop might start
GDX(4hr chart). Bearsih Shark, Wolfe Wave.
We are in a trading range, undecided on direction at this time.
$GDX $GDXJ $NUGT $GLD $SLV $SPY TO the old election dark pool level again.
and 25 and 31 come into play. Could be hedge against market pullback
Gold miners and gold were under pressure as the dollar attempted to relive some of the oversold conditions. It seems that $DXY is finally moving lower and this is helping gold and gold miners
GDX has been consolidating within a Complex Corrective Structure which is most probably terminating its last legs. According to the Wave Count on GDX, precious metals would become a Strong BUY soon. Views: XAUUSD - Bullish XAGUSD - Bullish
In the graph above, a downtrend channel is shown. The price action to take on this trend should be; buy when the price hits the trend line and sell at the channel line to take more profit.
Although longer term I suspect GDX will be bullish shorter term I am expecting more downward correction. Hope this is helpful process your way.
Based on the strong rally at the start of 2016, the long-term downtrend is over and a long-term uptrend is likely underway. The decline for the last 1.5 years has been messy, but so far it is just a correction against the prior rally. The long-term outlook still favors a rise above the 2016 high...but in the short-term expect some pain. With the price moving...
Downtrend strong. No trades until a Support/Resistance level is hit
#gold #trading #inflation
The price went down yesterday actually but it may recover (perhaps not today, but soon).
... for a 3.85/contract debit. Here, I'm going with the deep in the money 90 delta long, the out of the money 30 delta short. The long functions as a stand in for the stock with the short providing cost basis reduction. I'll look to roll the short call at significant loss of value to reduce cost basis and take profit at anywhere north of 10% of what I put the...