Gold Miners - Mid to long term setup
Updated
GDXJ hit resistance at the gap $42-$43 and has been consolidating for the past 2 weeks.
Orange trend-lines show the bigger consolidation pattern.
Pink trend-lines show the smaller consolidation pattern.
Both are in a potential bull flag formation.
Accumulate at the bottom pink trendline for better risk/reward.
Short term target is 44.
Orange trend-lines show the bigger consolidation pattern.
Pink trend-lines show the smaller consolidation pattern.
Both are in a potential bull flag formation.
Accumulate at the bottom pink trendline for better risk/reward.
Short term target is 44.
Note
Sold half position at opening - $42.Will get back in when GDXJ re-tests the top of the pink trend-line.
Note
Trade active
1) Sold the remaining half position in the first hour of US session when GDXJ hit the higher blue line2) Bought back half position near closing when GDXJ re-tested the top pink trend-line for a play on the bounce. Short term target revised to $42-$42.86
3) $44 may not materialise in the short term unless Trump wins.
Trade closed: target reached
$42-$42.86 reached last Friday.With the sharp drop in Gold prices during Asian hours on 07 Nov, we may see GDXJ test the bottom blue line tonight(sub 40 level).
May look to go long again if GDXJ falls below $40
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