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GLD & GDX/DUST/NUGT Trade Update

GLD (Gold ETF) is approaching the first support/target around 125.15 where a the odds for a reaction is decent. However, any reaction is likely to prove fleeting with a continued move to at least the T2 level around 120.60 likely in the coming weeks.

GLD daily Aug 29th close

GLD daily Aug 29th close

This recent consolidation in GDX appears to be a bearish pennant continuation pattern which measures to about the 24.00. Although a break below the pennant could spark the next wave of selling, best to wait for a break below the 26.50 support level. Targets for the GDX/NUGT short (or DUST long) remain T1 at 24.85 and T2 at 22.28 (GDX).

GDX 60-minute Aug 29th close

GDX 60-minute Aug 29th close

Aug 30, 2016 8:49am|Categories: Completed Trades - Short, Gold & Commodities|Tags: , , |Comments Off on GLD & GDX/DUST/NUGT Trade Update