I was a bit mystified by this recent 2 day run up, but technicals did suggest buying the low. The gold bugs came out making claims as always, and it "might" have worked. But as we have seen time and time again, when gold/gold miners go up and meet resistance, they drop. So many times that gold bugs have to prove to everyone else that this uptrend is real. The...
Not trade-able at this level for me. So far, hugging the "magic line" 22.06, needs to breakout or breakdown, and since it has been "doing well" recently, thinking breakdown tomorrow. Will be eyeing DUST tomorrow morning; I have an initial buy set for 36.80 (DUST) if GDX decides to breakout (22.30+) tomorrow.
No position in GDX/DUST/NUGT currently.
As GDX climbs higher with weakness in the dollar and gold trending higher, it looks to stick close to the "pink" upchannel line. Everyone seems to be buying the uptrend, in hopes of more of the same next week.
I am cautious here as GDX has a history of meeting resistance and dropping, and NUGT seems to be played as a long term investment. I do not discount that...