AUQ (Aurico Gold Inc) has hit the second target for a gain of 8.2%. T3, which has been listed as a potential target on this trade since inception, is now the final target at 4.00. I had mentioned that I would likely extend this trade to the T3 price target several times including yesterday. My apologies for not making it official before T2 was hit today as I was busy working on the previously posted update to the mining stocks and metals not to mention the fact that AUQ has moved up very sharply in the last two days. As of now, the potential third targets on both the SSRI & AUQ long trades are the next official targets with the possibility of additional targets for those trades, should SLV and GLD exhibit bullish price action going forward.
AUQ Second Target Hit
My longer-term outlook on gold has not changed since becoming bullish in late December when my downside target was hit. Despite the nearly two month downtrend in gold prices since the March 14th peak, gold is still well above the mid & late 2013 double bottom lows and as such, could possibly still be in the early stages of a new bull market with the recent pullback simply a retracement of the powerful rally off the Dec 31st lows. If & when the technical picture says otherwise, such as a break below the long-term uptrend line or below the 2013 lows, I will communicate my thoughts asap. Until then, both GLD & GDX remain active Long-term Trade Ideas and I will also continue to trade the miners both long and short, as I have since the Dec 31st lows, as typical, active swing trade ideas with holding periods typically measure in days or weeks compared to months or even years for the Long-Term Trade Ideas.