Loading ...Searching for the First Daily Cycle Low for GDX
Price has dipped below the 10dma so we may have already seen the DCL. More likely though price will dip to 30.5, or if selling really gets going, then the convergence of the 50dma and the 200dma should provide support. Norvast is anticipating “a turn by mid to late next week”. Northstar – How do these targets and timing fit into your “bowl chart”?
Hi PK. The ‘bowl support is somewhere around 24 at the moment, so much lower than we’re likely to now that we’ve seen a monthly close above resistance. Fib retracements are a good place to start looking for a target. I’ve not had a chance to look at that yet though. We should (I think), see an impulsive move in the next few weeks.
Strong support at 31. You may get a intraday dip under that spot but I would not count on it! What’s the timing band for a DCL?
Timing band for gold is 18 to 28 days and GDX is on day 33. Yes this is late in the cycle and a low could happen any time.