GDX Pre-Trump Jitters; 60 Min. Chart

Here is another ‘day trader’ chart (hourly) of GDX showing the lower (Jan. 5) gap being filled (ref. Jan. 9 post using a 5 min. chart).  So that gap is out of the way, but there is lateral support at around 21.50, which includes the 38% Fib of the entire bounce/rally.  Don’t worry about the trend channel; those break all the time.  It is lateral support that is important.  A loss of the 38% Fib however, would open up the gap at the 62% Fib.

gdx hourly chart

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