GDX is currently inside of two triangles and nearing the narrow-angle of the triangle. With that said, we are looking for GDX to either break up or break down. i don't know which way it'll turn but will start preparing for a move one way or the other.
Here is what I am seeing:
It looks like GDX is sitting on the edge of triangle 1 and could go lower to the second triangle which offers support at around the 40 to 40.50 range. If support at 40 fails, the next level of support is at 37.75. both of these prices are good buying opportunities.
There is a good chance that there will be a momentary bounce early Monday morning with resistance at around 43 to 43.50. GDX may be able to blast through that resistance and test the previous high at 46. If you are bullish on GDX you may want to consider option spreads on GDX
Watch out for head fakes and look for confirmation on a directional move.
Best wishes are you mine for gold.
Here is what I am seeing:
It looks like GDX is sitting on the edge of triangle 1 and could go lower to the second triangle which offers support at around the 40 to 40.50 range. If support at 40 fails, the next level of support is at 37.75. both of these prices are good buying opportunities.
There is a good chance that there will be a momentary bounce early Monday morning with resistance at around 43 to 43.50. GDX may be able to blast through that resistance and test the previous high at 46. If you are bullish on GDX you may want to consider option spreads on GDX
Watch out for head fakes and look for confirmation on a directional move.
Best wishes are you mine for gold.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.