Loading ...GDX update
On october 3rd I highlighted how the risk for GDX downside was there, but that a rally was more than possible given the oversold situation. Turns out it did bounce, and threw off a lot of the bears.
I still think that October 3rd is early for a DCL from the previous Aug 21st DCL (see linked post for context on this), so i would exercise caution going long here. I think one more washout is coming over the next week or two, and will be loading up on GLCC then.
Thanks for the update, Gus!
Could we possibly see a retest of the lows from late September of 2022, sometime in late November or early December?
I am fully expecting that. Not sure it will break it, but there is a gap on GDX in the 23’s from back then that I expect to close before we head back upwards. Not sure it will, but waiting a bit before going long. When it does rally, I do think there will be a very tradeable rally for a few months.
I didn’t like today’s action. I sold my PM positions, I bought few days ago. Close to break even. Usually I wait, until prices are making new lows, and sell with smaller losses. This gives me more wiggle room in case down move is just some scary tactic to shake weak hands.
But this time I reacted faster. I just don’t like the whole action, general markets, bonds… I want enough cash in case, there will be some greater buying opportunities.
As usually, I’m clueless and all this is just guessing on my part.