GDX coiling again
It has been a while since it would be even worth to look into GDX, and I think it is about time... still early, but good to plan ahead and see if it is working out as projected.
GDX (Gold miners) mounted a good recovery but stalled on a trend line and retracement is likely to see 27, else 25.
The technical indicators (MACD and VolDiv) are turning bullish, but not just ripe yet. Expecting a higher low about 25-27 (red ellipse is the optimistic target; also the 62% retracement level) in early to mid January 2023. Bouncing off the 23-week EMA would be a good indicator that the projection is in line.
So... being optimistic for a comeback, but until the pullback is apparent, sitting on my hands first.
Happy Boxing Day!
GDX (Gold miners) mounted a good recovery but stalled on a trend line and retracement is likely to see 27, else 25.
The technical indicators (MACD and VolDiv) are turning bullish, but not just ripe yet. Expecting a higher low about 25-27 (red ellipse is the optimistic target; also the 62% retracement level) in early to mid January 2023. Bouncing off the 23-week EMA would be a good indicator that the projection is in line.
So... being optimistic for a comeback, but until the pullback is apparent, sitting on my hands first.
Happy Boxing Day!
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