DoozyTrader

GDXJ Setting Up As a Great Market Hedge

Long
AMEX:GDXJ   VanEck Junior Gold Miners ETF
GOLD has always effectively hedged against inflation, the USD, and overvalued
SPX markets. Current geopolitical uncertainty bolsters its value. Markets are heavily overinflated; the Shiller PE Ratio is higher than that of black Tuesday. GDXJ is setting up bullishly, making it a great independent and inversely market correlated hedge.

Relevant charts:
  • GDXJ with confirmation on a higher timeframe, the weekly chart: snipboard.io/loGMHV.jpg
  • USD futures showing overvaluation, approaching resistance, and uncertainty in price action: snipboard.io/VqYBJl.jpg
  • S&P 500 index showing extreme overvaluation and bearish divergence between price action and RSI; confirmation with ADX: snipboard.io/dygiXW.jpg

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