Gold vs GDX daily
The majors index GDX has had 8 days now to decide if it’s going to continue to lead the metal higher but so far it’s been flat, allowing gold time to catch up – a bit. Between this leveling action and the recent (mini) shooting star in gold daily, I’m selling a chunk of majors today in my 401k (mutual fund) and will be looking to re-buy around $37.25-$37.50 – I may get partially bucked off here but so be it. I do not see a a steep shoot up in Gold yet (as had started in July 17 ’20) launching from here at 1,895 but rather closer to the $1,851-$1,861 area – or perhaps gold could just trade sideways from here for a few weeks before launch, (see first half of July ’20). I know Fully, too many lines – but those are for my working trend chart, not solely for the point of this post, just my novice $0.02.
Gold is absolutely “due” for a correction. Of course as always, the question is how far and how long will the correction go. Again, personally I don’t think gold breaks above last years high until early 2022. I am not trading around any of these guesses but by no means am I in the “this is it” crowd.