A subscriber requested a view of the GDX for his personal management. So I thought I would throw it up here as an update. Today is bounce day (at RSI support), but GDX has not even retraced 38% of the rally. The 62% retrace at 24+ is the favored target for a decent correction that would flush some bugs.
Let’s look into today’s bounce a little more closely. GDX is flagging upward in a similar manner to a previous flag (last Friday) that came off of what used to be support and is now resistance to this bounce.
Considering the gap in the 24’s I’d be careful about thinking this bounce will reverse the corrective activity. But nonetheless, exceeding the red resistance area would have to start that conversation.
As noted last week when the sector was running up hard, at the very least gold bulls confident in their fundamental analysis should have waited for a reaction, which is what the last 2 days were. I think there will be more but the last 100 times I checked, the market has answered ‘NO, not in the least’ when I asked if it cared what I think.
So the above are two charts filled with parameters. If you have any specific questions about the above just pop a mail to gtATbiiwii.com or use the contact link above.