GDX -Waiting for a buy setup
We are getting closer and closer to an important buying opportunity in gold miners.
Though yesterday we almost tagged the 200 SMA and bounced I still don't see that buying opportunity what i like to see at the gold miners bottom.
At the beginning of today's trading we broke above yesterday's high which is usually a buy signal but after a few hours of trading we gave back all the gains and closed in the red.
I think we are quite close to the bottom in days - 4-5 days only - but these last few days can be extremely scary as we print the cycle lows.
First of all I dont see the volume spike what usually occurs at these intermediate bottoms:
The other thing that we stiill have a gap between 20.5 and 20.8 which pulling down price like a magnet:
Today was the 5th day since we broke below an important level at 21.41 and usually these breakdowns lasting for 7-8 trading days:
Today was day 5 of the breakdown.
So I would wait with the buying till next week in the miners as we might have 3-4 red days ahead in the upcomong trading sessions.
Though yesterday we almost tagged the 200 SMA and bounced I still don't see that buying opportunity what i like to see at the gold miners bottom.
At the beginning of today's trading we broke above yesterday's high which is usually a buy signal but after a few hours of trading we gave back all the gains and closed in the red.
I think we are quite close to the bottom in days - 4-5 days only - but these last few days can be extremely scary as we print the cycle lows.
First of all I dont see the volume spike what usually occurs at these intermediate bottoms:
The other thing that we stiill have a gap between 20.5 and 20.8 which pulling down price like a magnet:
Today was the 5th day since we broke below an important level at 21.41 and usually these breakdowns lasting for 7-8 trading days:
Today was day 5 of the breakdown.
So I would wait with the buying till next week in the miners as we might have 3-4 red days ahead in the upcomong trading sessions.
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