🍾Warren Buffet joins Schiff - who is else is coming the party?
If there was any doubt that the gold miners are not about to start a new bull market, that doubt has been squashed by Berkshire Hathaway buying some Barrack Gold.
Before this news I was expecting the GDX to go as low as $32 in this corrective move, but the cats out the bag and I’m sure bigger players will start entering into this space in the coming weeks/months (hedge funds etc).
From the $45~ top we’ve gone as low as $38~ which looked like a blow off top like we saw in gold. On top of that there was some bearish divergence between price and RSI that I have highlighted in yellow.
The bounce from this level backtested the old trend line and it looks like the next move is lower.
The gold chart looks be in a corrective phase too which gives me greater reason to believe the GDX will follow suit (you can see my gold chart by checking out my profile).
The first area to add to longs is the $37, this has been a major support/resistance where I expect a bounce.
If that level does not hold, a while back I thought we would make the move all the way down to $32~, but that seems rather unlikely thanks to Warren, instead I’d welcome prices to hit $35-$34 level, the GDX did face some heat at this level in May and June.
Have any questions about the GDX in the short-term? Leave a comment below.
Before this news I was expecting the GDX to go as low as $32 in this corrective move, but the cats out the bag and I’m sure bigger players will start entering into this space in the coming weeks/months (hedge funds etc).
From the $45~ top we’ve gone as low as $38~ which looked like a blow off top like we saw in gold. On top of that there was some bearish divergence between price and RSI that I have highlighted in yellow.
The bounce from this level backtested the old trend line and it looks like the next move is lower.
The gold chart looks be in a corrective phase too which gives me greater reason to believe the GDX will follow suit (you can see my gold chart by checking out my profile).
The first area to add to longs is the $37, this has been a major support/resistance where I expect a bounce.
If that level does not hold, a while back I thought we would make the move all the way down to $32~, but that seems rather unlikely thanks to Warren, instead I’d welcome prices to hit $35-$34 level, the GDX did face some heat at this level in May and June.
Have any questions about the GDX in the short-term? Leave a comment below.
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