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GDX could still chop around for a a few weeks before it goes rocketing higher.
GDX is still down $0.15 for the month.
Ladies and Gentlemen.. The ‘non-believers’ are back! Even though the evidence is staring at them right in the face 🙂
GDX hasn’t made a substantial higher high since 2012.
http://schrts.co/h6w1Co
And that.. as well as all the evidence that’s been presented before us by our good friend Gary, is why the likely hood of an intermediate bottom, followed by an intermediate rally, is very likely.
Look, I respect your position and I get that nothing is ever definite when trading the markets but when probability is smiling in your favour with a great risk/reward ratio to boot; you gotta take a chance. Just make sure you keep an eye on your ‘Stop-Loss’ and get ready to act accordingly!
What is the trade?
Is gold on its way to 1200 by September, or back to 1080 and below?
The rally that started last week and spurted gold to 1130 seems to have faltered and faded down in the next 2 subsequent sessions.
It feels like it wants to go lower than 1100 again. No?