As highlighted in recent videos & summaries, GDX (gold miners ETF) continues to offer an objective long entry around current levels, which is also the second & final price target (T2) on the daily chart, where we closed out the GDX short trade off the recent highs, as GLD had hit my final target (T3) at the same time GDX hit T2.
As per the recent videos, GDX will continue to offer an objective long entry or scale-in to a swing position here around the 72.26 price support (also T2 on the daily chart from the recently closed short trade), down to but not below the 67ish support level. For those already in or considering a long position in GDX here’s my 60-minute chart with some near-term price targets. Stops should be commensurate with one’s average entry price & preferred price target(s), ideally using a favorable R/R of at least 2:1 or better.
GDX 60m July 15th
The downtrend line, which also forms the top of a bullish falling wedge pattern, is also a potential price target & would likely come in around T1 or T2, should GDX rally to any of those levels relatively soon.