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Additional Upside Swing Targets for GDX

GDX 60 minute April 3rd

GDX 60 minute April 3rd

Friday's soft payroll data only helps to affirm the near-term outlook for additional weakness in the $USD and additional gains in precious metals, commodities and other dollar sensitive assets, including more downside in US equities.

Although the 19.90 area remains the near-term bounce target for Thursday's add-on or re-entry back into GDX, I've added some additional swing targets (R1-R4) on this 60-minute chart which shows prices through last week's (Thursday's) close. More updates on both precious metals as well as several commodities to look poised for some nice gains in the coming weeks/months to be posted tomorrow.

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Apr 5, 2015 10:13pm|Categories: Gold & Commodities, Long-Term Trades- Completed|Tags: , |Comments Off on Additional Upside Swing Targets for GDX