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GDX Breakout, Next Resistance 14.05

GDX (Gold Miners ETF) has taken out the minor downtrend line discussed in yesterday's video, with some very impulsive follow-thru so far (translation: Bullish). Now looking for a break & especially a 60-minute close above the next key resistance level to 14.05 which should open the door for a run up to the 14.50-14.60 level.

GDX chart with support & resistance levels

GDX 60-minute Dec 1st

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Dec 1, 2015 2:07pm|Categories: Completed Trades - Long, Gold & Commodities|Tags: , |4 Comments

4 Comments

  1. HiddenPivots December 1, 2015 2:38 pm at 2:38 pm

    Hi Randy,
    As it’s calling the Fed’s rate hike bluff.. What’s your chart take on TLT for more upside?

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    • rsotc December 1, 2015 3:22 pm at 3:22 pm

      HiddenPivots, I don’t have a strong opinion on TLT. Looks to be approaching the tail-end of this triangle pattern & those things can break either way. Whichever way this breaks is likely to determine the next major trend in treasuries.



      TLT daily chart by RightSideOfTheChart on TradingView.com

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  2. Padre December 1, 2015 3:00 pm at 3:00 pm

    Randy, I just bought NUGT when GDX was at 14.12. It’s now at 14.18.

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  3. rsotc December 1, 2015 3:16 pm at 3:16 pm

    Padre, Price action-wise, the breakout in the miners looks good. Admittedly volume is lacking but that’s more so a reflection the overall low volume in the market today (nearly every sector & index tracking ETF that I follow is tracking well below average volume today). I like the fact that the breakout in the EUR/USD confirms the breakout in the miners but we need to see GLD & SLV take out those downtrend lines which I do believe will happen. Every trade runs the risk of failing so just set your stops at whatever your comfort level is and hopefully NUGT will see 32 or better soon, very likely by the end of the week, especially if GLD & SLV break out. G-luck!

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