GOLD, GDX, GDXJ, AUY

GOLDInverse head and shoulders breakout from mid 2017 through late 2019 broke out and reached a high of $1,750 without ever testing the neck line again.

While it is not necessarily probably that it do so it is certainly possible we get there or close.

Momentum suggests this, RSI supports, Price action is weakening, and moving averages point to a pull back.

If you believe this scenario is possible I would suggest looking at the levels of $1510, $1400, and $1355 as key hard supports.

May be good opportunity to short GDXJ, GDX, or stocks like AAUY.

THIS IS NOT A RECOMMENDATION TO BUY / SELL. THIS IS MERELY AN IDEA AS WE SHOULD ALWAYS CONSIDER ALL POSSIBILITIES. Stay profitable. Mitigate risk.

@econrumations
economicrumations.com