The GDX Active Long Swing Trade has made an impulsive break above the 18.50 support so far today. While I’m still awaiting an impulsive breakout above the 1213 resistance level on /GC (gold futures) as well as a break below the recent lows in the US Dollar index to help firm up the case for a rally in gold, as well as GDX (gold miners ETF), I am going to go ahead and make the previous potential price targets official price targets at this time.
GDX 60-min Sept 19th
T1 remains 19.39 & the second price target, T2, will be set at 20.36, just below the 20.39 – 20.62 resistance zone with T3 at 21.69. Due to the potentially explosive nature of the gold mining stocks, I would rather extend the price targets on this trade now vs. waiting for a breakout in gold as the potential for a very sharp & swift rally, which might not provide sufficient time to post an update to the trade, is certainly a possibility. The suggested stop for this trade remains a daily close below 17.50 although it would be prudent to raise stops to protect profits if & when each price target is hit.