Comments on: GDX & GLD Gold Swing Trade Ideas 3-29-23

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 30 Mar 2023 14:01:38 +0000

In reply to trade0039. Price action is so strong, even Michael Burry flipped to bullish today. I do think some of the melt up is due to quarter end window dressing. And April tends to be one of the most bullish months of the year. As long as no black swans, there aren’t a lot of catalysts to get prices lower until earnings at end of April, or FOMC in May.

By: trade0039

trade0039 — Thu, 30 Mar 2023 13:36:07 +0000

Put to Call Ratio is 4:1. Could this be the reason market keeps rallying?

Call Ratio volume is 790,724 and Put Ratio volume is 2,666,802

http://www.maximum-pain.com/options/spy

By: pbwilli37

pbwilli37 — Thu, 30 Mar 2023 13:27:24 +0000

Randy
There is a lot of information on the USA going strong to a central bank digital currency CBDC which is driving gold and silver. This morning I was looking at gold and silver including NUGT and AGQ 2 year charts and it sure looks like a very defined cup and handles Could you give us your thoughts on this please.

By: trade0039

trade0039 — Thu, 30 Mar 2023 13:25:48 +0000

No surprise! Market up again…

Could this be the Bull Market? What I am seeing is failure of every Bear Flag to play out while every Bull Flag is having success to head higher. Isn’t this the behavior of the Bull Market Cycle?

By: thebeagle55

thebeagle55 — Thu, 30 Mar 2023 02:05:19 +0000

In reply to Araleia. if gdx goes down gdxj prob go down even more

By: Araleia

Araleia — Thu, 30 Mar 2023 00:26:45 +0000

In reply to Araleia. Yes, I know I am a little bit early, but I am willing to take the risk. Monthly put option expires in May.

By: Araleia

Araleia — Thu, 30 Mar 2023 00:25:51 +0000

My short is in GDXJ, just that the put option matched the money I had in the account, so I could max out my spending. It should work too, right?

By: KevinK

KevinK — Wed, 29 Mar 2023 19:56:56 +0000

In reply to rsotc.

Better chance the breakdown will stick (on the daily)…
But better price on the immediate breakdown (on the 60 min) if it does stick…

I see what you mean…Thanks for splainin.

By: jmccallum

jmccallum — Wed, 29 Mar 2023 19:53:31 +0000

I am out of synch. When i saw this post i thought it would be bullish on the gold stocks. According to the old stage analysis developed by Justin Mamis back in the 70’s gold mining and semis are the two strongest industry groups. They have moved clearly into stage 2 advances. I was going to ask when was the last time we saw that. I am absolutely no good at very short term trades so please ignore my comments if they don’t jive.

By: rsotc

rsotc — Wed, 29 Mar 2023 19:37:13 +0000

In reply to KevinK. Nope, meant that one as just that. If you wait for confirmation via a daily close below the uptrend line (which is the same TL on both those 60m & daily charts I posted), it is possible that GDX could be 2 or 3%+ below the trendline by the time the daily candlestick is finalized at the close whereas shorting the first breakdown below the trendline (best viewed on the 60m chart, or maybe waiting for a 60m candlestick close below, would get you into a short position sooner (at a better/higher price)... assuming that GDX were to continue to fall once the trendline is taken out. No guarantees to any of it, of course. e.g.- Maybe GDX does break down but then backtests the trendline from below... or.. simply breaks down but that proves to be a whipsaw with prices snapping back up above the trendline. Just saying that shorting the initial break of support on a trade setup typically provides the best entry price while waiting for a solid daily close below support typically results in a less-favorable entry price but with a lower chance of that breakdown proving to be a whipsaw/false breakdown.