Loading ...Short the PM Complex at Your Own Peril
These are really bullish reversal patterns in play right now and I cant imagine going short here. From a risk/reward standpoint its such a better long play to my eyes. Here we have the 2nd straight down day for the metal and GDX/GDXJ are up again. Heck, they were in green while gold was down $13. I added more NUGT today at 2.58.
Gold down $14 and gdx/gdxj up slightly. That’s pretty different. I am still short with very little capital invested. A run of GDX to $18 wouldn’t bother me in the least (if I get on the long side, that is!).
the divergence between the miners and gold should be concerning for shorts… gold down .. and the miners are up
http://charts.dacharts.net/2015-09-30/d1076.png
having trouble with the top of the channel so far…. gdx short term
http://charts.dacharts.net/2015-09-30/d1078.png
you can blame me if the signal fails (ha, ha). I jumped in on the long side
http://charts.dacharts.net/2015-09-30/d1083.png
update gdx 5 minute….