As both GLD & SLV are rapidly approaching those first key resistance levels that I shared yesterday, I had started to put together a video screen recording to discuss both gold & silver as well as the list of my ten favorite gold & silver mining stock trades that were posted on June 26th (and covered in this follow up video a few days later). However, I scrapped the video nearly 30 minutes into since it was just to long and redundant. Basically, the theme that I was covering is that most of those 10 top mining picks, not coincidentally, are approaching key resistance levels just as with GLD & SLV as posted yesterday. More than likely, if/when the metals pullback, the miners will likely follow suit.
Therefore, I will post static charts on as many of those trades as possible today in order of those that have already hit at target or those closest to where I plan to take partial or full profits. That brings me to TRX, which like nearly all ten of those picks on June 26th, bottomed within hours of that post and are now up well into the double digits. TRX is actually the best performer of the group so far, gaining a whopping 60% since that post less than one month ago. Considering the extreme short-term overbought nature of the stock plus the fact it has now hit that key downtrend line as shown on the previous charts (and the update chart above), I have just taken full profits on this trade and may (or may not) look to re-enter at some point in the near futrure. Longer-term traders should at least consider booking partial profits or raising stops to protect profits.
For those signed up to receive email notifications of new posts; As I will be updating numerous trade ideas today, including many of the mining stocks, I will temporarily suppress the auto-notification feature on those trade updates today. If you are following any of the active trades, you may want to periodically check the site for updates. Any market analysis related posts will continue to be sent via email as published.