The GDX/NUGT long trade setup posted on Friday is potentially poised to trigger the official entry today, which was listed as a breakout above the 60-minute falling wedge/contracting channel patterns on both GLD & GDX. With about an hour to go before the opening bell, both GLD & GDX are currently both trading slightly above those downtrend lines but again, only by a slight to modest margin. Therefore, best to wait to see both GLD & GDX hold those gains after the open today before establishing or adding to a GDX or NUGT long position.

(edit: NUGT, the 3x long gold miners etf, was originally mistakenly listed as DUST, the 3x short gold miners etf. The typo has been corrected along with a similar typo from the Friday GDX/NUGT post as well. Thx for the heads-up DP!)

Note: The 60 minute charts above show the candlesticks through yesterday’s close, along with the closing values (in white) on the price scale. The small charts inserted are 2-min period charts showing the past 20-hours of trading in both the regular & extended trading sessions.