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GLD & GDX Pullback Targets

The following 60-minute charts show the most likely pullback targets for GLD (gold ETF) and GDX (gold miners ETF), along with some key support & Fibonacci retracement levels along the way.

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Mar 11, 2016 12:42pm|Categories: Gold & Commodities|Tags: , , , |13 Comments

13 Comments

  1. cem602 March 11, 2016 12:48 pm at 12:48 pm

    Thanks Randy! Do you prefer these trades via GDX directly or through options in your experience?

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    • rsotc March 11, 2016 1:55 pm at 1:55 pm

      @cem602 Although I happen to have a short position in NUGT, this post with the charts & targets on GLD & GDX above was just posted as my analysis of the two, not as official trade ideas. As far as how to trade a potential pullback in the miners or gold, assuming that you agree with the analysis, I can’t give investment advice although I can state with very strong conviction that I believe only very seasoned traders or investors should consider using options & only then as there are few quicker paths to losses in trading than using options, especially straight put or call buying. Best of luck if you take it & don’t hesitate to ask if you have any other questions. -RP

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      • cem602 March 11, 2016 2:25 pm at 2:25 pm

        Thank you for the insight and commentary.

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        • tmeyaart March 13, 2016 11:58 am at 11:58 am

          When you trade options you have to be right on Price and Time. Then you have to consider the Bid Ask spread, the Strike Price, and the cost of the time component. It makes trading a very complicated mathematical formula.

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  2. joefriday March 11, 2016 3:29 pm at 3:29 pm

    Thanks… seeing same thing re: divergences… matter of time before it turns down. Been layering in DUST myself..have an Avg. of $3.45 now….. think it sees $4.50-$5.00 if GDX hits $15-$16….

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  3. joefriday March 12, 2016 8:10 am at 8:10 am

    In addition, the GAPs were filled in GLD and GDX.. would fit with LOB moment coming..

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  4. retireat60 March 12, 2016 10:43 pm at 10:43 pm

    Hey Joe, help me with what LOB means?

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    • joefriday March 13, 2016 9:11 am at 9:11 am

      it means Look Out Below..

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  5. pangblood March 15, 2016 10:23 am at 10:23 am

    I hope the FED raises rates, would be extra bearish for gld and gdx. Do you expect this pullback to happen even if the fundamentals (FED holds off) disagree? Gain TA vs FA

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    • pangblood March 15, 2016 11:06 am at 11:06 am

      Again*

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    • pangblood March 15, 2016 1:23 pm at 1:23 pm
    • rsotc March 15, 2016 2:00 pm at 2:00 pm

      @pangblood I wouldn’t put high hopes on a rate hike (see below) but yes, if the Fed surprised the market with a rate hike that wasn’t expected, you’d expect the dollar to rally & gold to fall but again, not likely IMO (or according to this chart of Fed Funds futures):

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      • pangblood March 15, 2016 2:41 pm at 2:41 pm

        thanks Randy, it’ll be interesting to see how GLD and GDX play out, hope it rolls over

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