GDX Under-Performing Gold & HUI = Miners Anticipating Lower Gold
GDX is still 12% below its 2016 highs, despite Gold having already surpassed its 2016 peak of 1375 by roughly 5%.
On top of this, the GDX having more exposure to unhedged miners should result in GDX out-performing the HUI hedged senior miners in a bull market. This is not the case, as the GDX is actually under-performing the HUI. Highest probability assessment is a retest $25 GDX.
Don't be like the many people who bought the "gold to the moon" hype in summer of 2016 and bought in at the highs and then subsequently got their a$
ES handed to them.
On top of this, the GDX having more exposure to unhedged miners should result in GDX out-performing the HUI hedged senior miners in a bull market. This is not the case, as the GDX is actually under-performing the HUI. Highest probability assessment is a retest $25 GDX.
Don't be like the many people who bought the "gold to the moon" hype in summer of 2016 and bought in at the highs and then subsequently got their a$
ES handed to them.Note
A weekly close above 1434 and strong volume pushing through 1450 would turn me bull towards $1500-$1525. Currently gold remains very volatile. Trump’s tradewar is what continues to keep gold’s demand up
Note
I’m placing this outlook on hold and I will be placing long positions on SIL & SILJ over the short run (1-3 months)Note
Beginning today^Order cancelled
The weekly close above $1434 has turned me bullish for the short-run. I think this breakout might continue and we might see a silver & gold spike.I longed SIL, SILJ, and USLV because I believe silver will out perform on this next leg up
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