While still under consideration for an official Active Swing Trade & potential Long-term Trade idea pending a breakout in the EUR/USD, I wanted to pass along the following charts & potential price targets on gold & GDX (gold miners ETF) as unofficial trade ideas as the case for a trend reversal & rally continues to firm up. /GC gold futures appear poised to rally after this small divergent low which followed the much larger divergent low at the start of the month.
GC 60-min May 22nd
The horizontal lines, as well as the downtrend line off the mid-April highs, are all potential near-term price targets. Other proxies for trading gold are the COMEX Mini Gold futures contract, /QO, which has a half the leverage factor of /GC (a multiplier of 50 vs. 100 x the price of /GC) as well as any of the gold-tracking ETFs, such as GLD, UGLD, etc. The 120-minute chart of GLD below also list some potential swing targets.
GLD 120-min May 22nd
Likewise, GDX (gold miners ETF) appears poised to rally up to the 21.84ish level should it make an impulsive break above this 120-min symmetrical triangle pattern. Should either gold and/or GDX be added as official trade ideas soon, exact price targets, suggested stops & position size adjustments will be provided with the trade parameters.
GDX 120-min May 22nd