Long Gold Miners
Updated
1) Divergence in the 4hr RSI and MACD crossing over.
2) Price has touched the bottom of the downward trendline on Oct 06.
3) Support at 38.2% Fibo of the rally from Jan 2016 to Aug 2016
4) May see another downleg to sub 37 due to spiking USD but risk/reward is good for a bounce to 42
Risk/reward ratio is 3:1
2) Price has touched the bottom of the downward trendline on Oct 06.
3) Support at 38.2% Fibo of the rally from Jan 2016 to Aug 2016
4) May see another downleg to sub 37 due to spiking USD but risk/reward is good for a bounce to 42
Risk/reward ratio is 3:1
Trade closed: target reached
GDXJ is likely to see some resistance from the Oct 04 gap. Will wait for a retracement before going long again.
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