You may have seen my public post about the Golden Cross stuff finally showing up at gold websites. Well, it’s not usually a positive in the short-term. Yet still I got rid of my DUST hedge because I am not going to play that game (holding a bear position too long in something I am bullish on).
Regardless of all that, now it is back to management of the detailed chart, which still has not yet filled even the lowest gap.
My own impatience (about hedging) aside, here is the daily chart view of GDX butting up toward the resistance that includes the first gap. FOMC is next week and there will be a lot of energy in the markets. It does not mean GDX has to pull back but there are those gaps and there is that dang Golden Cross. So let’s just be aware of the potential for a pullback to the moving averages and support. It would be cool to get that little gap out of there below 29. But we shall see.
This Post Has 2 Comments
Speaking of miners’ reports: I’ve looked at several Aussie miners that reported last couple of days, they are kind of Ok (some), but far from stellar. AISCs marginally better, by low single %, but I don’t trust it because cash balances are lower, even though they say “positive cashflow”, “one-off expenditure”, etc. Overall I expected much better, given gold price in AUD. And I think current rally participants expected better too. But we can say that bleeding have stopped, if we want to sound optimistic.
has I meant to say, I need an edit button, or better brain
Comments are closed.