GDX Head and Shoulder Neckline Test
Gold has been on a tear recently.
If gold breaks above and finishes above 2k next week, we should see GDX break the neckline at 30.
Target should be around 34 but there is heavy resistance at around 32.20 so that should be a nice area to take some chips off the table
If gold breaks above and finishes above 2k next week, we should see GDX break the neckline at 30.
Target should be around 34 but there is heavy resistance at around 32.20 so that should be a nice area to take some chips off the table
Order cancelled
Unable to break the neckline and prices have moved back to the Right Shoulder.No trade initiated. Wouldn't be surprised, if we test the head now.
Gold itself is bearish, we are seeing more puts than calls on the monthly (risk reversals). Gold couldn't break 2000 and it has the 5th attempt on monthly close above 2000.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.