OASIS FORUM Post by the Golden Rule. GoldTent Oasis is not responsible for content or accuracy of posts. DYODD.

Maddog-O, well, that was fun. while it lasted…a pullback, fine…but. I don’t like the silver action-it looks all too familiar

Posted by Richard640 @ 5:25 on June 21, 2019  

Now we’ll see if all the bullish bravado was warranted…this is from 10:36 last night.

Trading Tout for Thursday

Published Thursday, June 20, 10:36 p.m. ET

Bullion’s powerful rally this week has kicked this popular mining-stock vehicle into high gear. I haven’t tracked it in quite a while but aim to do so now, provided it remains feisty and interesting. In that regard, GDX looks like it’s about to ratchet up the interest-level, although not in a way we might have preferred. Notice that Thursday’s energetic short-squeeze brought the ETF within inches of a target at 25.58. This Hidden Pivot resistance can be used as a minimum upside objective for now, but don’t expect GDX to pop through it on the first try. More likely is a pullback of sufficient magnitude that you should consider taking a partial profit or doing covered writes in the range 25.42 – 25.70 if you are long.  Please note that if buyers should blow past D=25.28with ease, that would imply that the target of a bigger pattern is in play. In this case, it would be 36.67 (!), a Hidden Pivot whose provenance goes back to a low at 12.40 recorded early in 2016. The target corresponds to one at 1412 for Comex August Gold that I disseminated to subscribers several weeks ago.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Go to Top

Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.