Staying long BTC. Operative word in LONG. The moon boys (and there are many) were really blowing smoke this year. If the cycle top is this year, color me confused. And, if there is a 6-digit top this cycle, I'm just not seeing it today.
It's not a matter of if, it's a matter of when gold breaks out dramatically. Everyone knows that. For my money, GDX looks like the biggest bull flag I've ever seen. But! The US election crazy is not over . We're right in the middle of the flag range. But I could see it going either way. Just like the US election. As of today, I'm leaning 61.8% towards UP and...
With the world gone mad it's hard to have faith in any indicators. So, full disclosure, I'm going with more guy-feeling than usual. The broader market is over-bought, gold is over-sold. Tale of the tape. Today and tomorrow will tell
Boom in gold is gonna come fast. $1700 could be within the next 2 weeks. $31 for GDX. GDX could move even faster. Staying long on both. External factors, of course, seem to be only positive for both. Impossible to quantify black swans... at least for us amateurs.
Still looking bullish for GDX. RSI back above 50, 30/100 MA moving toward crossover... may be a bit early to buy aggressively but the breakout (up) looks to be before EOY.
