The GDX equity trade is a proxy for the GC futures contract with very little divergence between the two.
I recommend that you have a futures account so that you are following the GC contract absolutely live. I believe the pit opens at 8:30 EST. and closes at 2:30 EST. The GC contract trades about 22 hours a day. I do not recommend trading futures to the individual investor. Put the account on simulator and leave it there.
Follow the daily price action TREND and only trade in that direction scaling into your position on a five minute candle. At times the GDX will diverge to hit stops. This is generally soon after the open, so scale into the position if you are day trading. Yes, sometimes it just tears away and leaves you in the dust, so that is when you want to wait an hour and scale in on a pullback.
Price action is caused by external real world events such as FOMC meetings,inflation, political conflicts and monetary distress worldwide. These are legitimate concerns that turn investors to or from the safety of gold.
Holding a large position overnight is not recommended and is only to be done with risk capital.
I have noted on the chart the swings that I have traded in the last eight weeks. As of this writing I have a short position in GDX.
I recommend that you have a futures account so that you are following the GC contract absolutely live. I believe the pit opens at 8:30 EST. and closes at 2:30 EST. The GC contract trades about 22 hours a day. I do not recommend trading futures to the individual investor. Put the account on simulator and leave it there.
Follow the daily price action TREND and only trade in that direction scaling into your position on a five minute candle. At times the GDX will diverge to hit stops. This is generally soon after the open, so scale into the position if you are day trading. Yes, sometimes it just tears away and leaves you in the dust, so that is when you want to wait an hour and scale in on a pullback.
Price action is caused by external real world events such as FOMC meetings,inflation, political conflicts and monetary distress worldwide. These are legitimate concerns that turn investors to or from the safety of gold.
Holding a large position overnight is not recommended and is only to be done with risk capital.
I have noted on the chart the swings that I have traded in the last eight weeks. As of this writing I have a short position in GDX.
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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.
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.