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GDX Rising Wedge Breakdown & Pullback Targets

GDX (Gold Miners ETF) has broken down below a bearish rising wedge on this 60-minute time frame & is likely to resume the uptrend after hitting any of these 3 support levels; 24.88, 24.50 and 24.15.

GDX 60-min Sept 6th

GDX 60-min Sept 6th

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2018-01-21T22:12:56+00:00Sep 6, 2017 1:05pm|Categories: Gold & Commodities|Tags: |4 Comments

4 Comments

  1. raider74 September 7, 2017 2:02 pm at 2:02 pm

    Sorry for the basic question: is the projection for the near to intermediate future for GDX bullish provided it doesn’t extend below 24.15? TIA.

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  2. rsotc September 7, 2017 4:34 pm at 4:34 pm

    Good question. The answer is yes,,, and no. By listing these 3 relatively shallow pullback targets, the first of which was hit with GDX bouncing from there so far to take out the previous highs, were my pullback targets for this 60-minute wedge breakdown, any of all of which were likely to be hit before the miners make one last thrust up to my target around 25.70-25.85 on the daily chart, at which point I expect a more considerable reaction (i.e.- pullback and/or consolidation).

    Therefore, you could say that I am (or at least was) when that GDX reversed off that first pullback target) near-term bullish but then would be looking to book profits on most or all my gold & silver miners swing trades, quite likely looking to re-position long after a pullback but that level has not yet been determined yet.

    Another way to say that is that although I favor a little more upside in the miners, I don’t think the R/R to going long here (if not already long) is favorable since I’m looking for about another 1% upside followed by what could be a pullback of 4% or more. The SIL active trade is very close to T1, closing 44 cents below it today, so hoping that will be hit soon to book full profits on that official trade.

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    • raider74 September 8, 2017 12:42 am at 12:42 am

      Thank you!

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  3. malejandro1972 September 7, 2017 5:02 pm at 5:02 pm

    Randy,
    looks like there is bearish divergence in the 60min charts…also in the smaller 15min timeframe.

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