GDXJ sharp move down
Updated
I didn´t expect such weakness in the previous idea.
The move is being very intense, and it can continue in the same way
Before de month ends, GDXJ about 40,5$.
Then, there could be a move up to the 45$ before another push down to the 32$.
And all this could happen during the month of May.
Caution
The move is being very intense, and it can continue in the same way
Before de month ends, GDXJ about 40,5$.
Then, there could be a move up to the 45$ before another push down to the 32$.
And all this could happen during the month of May.
Caution
Trade active
Possible bottom this comming wednesday (mid week) with GDXJ between 39,8$ and 39,2$.I dont expect it to drop more than that. Then a small rise to 44$-45$ could be, and continue falling. That is what i am monitoring.
Lets see
Trade active
There is a chance, which I give a 20% probability, that GDXJ don't stop in the 39$-40$, and continues going lower to 34$. But for now, and waiting how it behaves, i bet on an intermidiate botton there.Trade active
Gold did not fall to 1820 yet. And GDXJ held in the 42$-43$. So, the posibility of a collapse in the sector during the coming days is there. Which means GDXJ could fall to 32$-33$ in less than 10 trading days, and gold should help, falling at least fallling to 1.780$ or even lower(1.720$).
Tomorrow with the FED we will see the path fo both.
Trade active
No changes. In fact , I am even more bear in the following weeks, till second half of June.Caution. MIners could be collapsing. After that, there would be a good buying opportunity. But not now.
Trade active
If (when) it reaches 33,5$ or so, i would exit my short position. I think bear could continue until second half of June, but could also stop at this level and jump por a while. Lets seeTrade active
Still have to reach the 33$. Think Friday action was only to restest resistance level already broken at 37$.This week they should fall to 33$. Also GDX (big brother) should fall to 28$ (and fill pending gaps down there).
How gold would behave? It will go down, the question is how much. Maybe 1780$ is not enought to see GDXJ at 33$ and the fall need to go deeper. Let see. TREND is strong as is down.
Trade active
Bear Trend could continue untle the second half of JUNE.That means 33$ should not be the bottom.
I think GDXJ could reach 25$-26$ by those dates. But that would be posted in a following idea once (if) this one finally reaches its target.
Trade active
calm... toping in the retracement (50%, you can check it). And ready for another leg down, that could take the price from this level to 26-28 in two phases.Trade active
the more I expect it could go up is to visit in a day or two the 40-41$ level again.Then another sharp drop.
That could take (futures) gold to 186X in the first half of this coming week
Related publications
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.