Gold - Similar Pattern Detected
It's been a rough few weeks for gold and gdx (miners), but there could be some good gains up ahead. Looking back at the May lows, you can see that we are forming a similar pattern here in October which could be seen as a potential bottom for gold's recent downtrend, provided we are truly in a bull market for gold.
This could be seen as a healthy correction before the next wave kicks into full gear. 1250 has held nicely as support, and of course we need to crush the 1303 resistance for confirmation. I've started to build positions in individual mining stocks keeping in mind that Q3 results are coming up in the next few weeks for miners, and should be very good versus last year as gold was trading over 1300 for the whole third quarter in 2016. Hoping for a nice swing trade here, heading into November...
This could be seen as a healthy correction before the next wave kicks into full gear. 1250 has held nicely as support, and of course we need to crush the 1303 resistance for confirmation. I've started to build positions in individual mining stocks keeping in mind that Q3 results are coming up in the next few weeks for miners, and should be very good versus last year as gold was trading over 1300 for the whole third quarter in 2016. Hoping for a nice swing trade here, heading into November...
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I haven't updated here but I closed some miners positions last week. I'll repost a long idea tomorrow. I still think we see 1300 before election. Possible C&H forming.
