GDX

[Pascal]

The GDX Model will switch to a short signal if we close below the -0.19% level.



Pascal

15980

[Billy]

GDX started the new week, month and quarter by reversing at Daily R2 (54.57) which is also the lower boundary of an extremely strong first resistance cluster up to the most sturdy Yearly pivot (55.88).

The intermediate trend is undoubtedly strongly upward, but it would be normal that if GDX wants to pause and consolidate here at the start of 4Q it makes an orderly pullback to test the various new pivots: Weekly (52.94), Monthly (52.08) and maybe even Quarterly (49.78).

If the RT model triggers a short today, I plan to enter the trade with a stop above Daily R3 (55.02) and Weekly R1 (54.98). I would target Quarterly Pivot (49.78) only after a decisive breakdown below Weekly S1 (51.65) near last week’s low as it would also coincide with a failure at 20dma (not shown).
Billy

15981

[manucastle]

The GDX Model will switch to a short signal if we close below the -0.19% level.



Pascal

15980

Back from holiday.

The GDX level is now right on -0.19%. I take it this is not a good time to go long ?

Trev

[Pascal]

Back from holiday.

The GDX level is now right on -0.19%. I take it this is not a good time to go long ?

Trev

I usually avoid trading the opening MF signals, which are not that reliable due to opening instability.
Also, since the intraday volatility is 60% more important that the Close/Close volatility. This means that you can give some room to the -0.19% level. probably down to -0.3%. On the other hand, it is also better not being long here.
I am still "observing" here. Much hangs on the Euro/US$ which impacts the price of gold.


Pascal