/GC (gold futures) second pullback target hit with the next sell signal to come on a break below today’s low. Previous (yesterday’s) & updated 60-minute charts below.
@budgetny asked what my next price target(s) were in the comments below last night’s market wrap video, to which I just replied: Thinking somewhere along these lines with /NQ at the first target now (which is the same as that support zone I posted or covered in a video on the 15m chart yesterday). We’re there right now in pre-market but I don’t care to try and game a bounce here as there was a ton of hot air in the NDX yesterday & we could just slice right thru this minor support & continue down to the uptrend line. (end reply).
Let’s see how the the market & especially the big tech stocks close today after the institutions have had time to digest last night’s big earnings trio & I will certainly share my thoughts before the close today (as well as throughout today).
BTW- Heads up on GDX getting close to T1 in the pre-market session for those planning on booking partial or full profits there. I favor continued downside to at least T2 whether the miners have a reaction off the initial tag of T1 or not.