- Precious metals are late in their intermediate cycle and a decline is due.
- GDX has struggled to reach the 50ma, like it did in previous cycles, where it was rejected.
- GDX, GDXJ, Silver, all have not supported gold's relative strength.
- A stop run to the upside is possible, but is IMO unlikely at this timing.
Buying GDXS, a 2x short, at 15.77, stop 15.00. About a 0.5% risk.
- GDX has struggled to reach the 50ma, like it did in previous cycles, where it was rejected.
- GDX, GDXJ, Silver, all have not supported gold's relative strength.
- A stop run to the upside is possible, but is IMO unlikely at this timing.
Buying GDXS, a 2x short, at 15.77, stop 15.00. About a 0.5% risk.
Trade fechado manualmente:
Closed after observing gold's and GDX's strength this morning. I am still bearish, but think GDX may