Based on the gold would bottom at ~1200$ or so, GDX might have some more decline further. Not whole a lot though ....
GL
Commentaires
lantao517
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Sorry, not sure. Do you mean to short GDX from yesterday bounce?
bhsencer
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@lantao517, This is assumption of gold is going to be ~1200$ then some decline is expected in GDX, I would wait the decline and LONG it instead shorting it from that level. Another thing to worry is DXY. Let's see what happens....
lantao517
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@bhsencer, Gold high chance to have already found the bottom, which was 1205 with 2 times tested successfully. GDX might just a bear trap few days before and hit 21.04. We should turn to bullish, how do you think about it
bhsencer
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@lantao517, Gold have failed daily cycle, might move lower. Arpi is the expert on cycles. I am watching DXY which is on 5th impulsive wave (short term long), soon it will turn cyclic correction (short) soon. As feel as gold and miners are running away of my grip. I will wait for how DCL will play. DXY is going to be bullish couple days so it will put the gold and futures on pressure, you might start accumulating.
lantao517
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@bhsencer,yesterday GDX hit $22 key resistence but finished with a big shadow line, more likely hv built up a false breakout shape and also a failed daily cycle, and then the coming direction should be move lower to DCL, how do you think
piete
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I agree, another few days and I'm going long. 1200-1197 sweet spot