Today could be the start of a turning point. I am seeing some big money flow today in the GDX gold mining shares. Significant block trades and late dark pool prints have been popping up all day today, totalling over $126 Million so far. They are mostly looking like SELL orders so far. I have not seen so many block trades in a single day for a long time now. Big money is clearly positioning itself. I believe we are about to get a large move in the GDX and gold soon to end this choppy range trading since May.
My bias is to the downside but there is always the possibility that we break out to the upside. I noted yesterday that I was also seeing bearish options bets in Newmont and Goldcorp, 2 large senior gold miners. We should either see GDX at 24 or 21 shortly in my opinion.
The GDXJ is approaching the apex point of the larger triangle. It should be explosive once the breakout or breakdown begins. Again, I believe we are near to some sort of big move.
GL Traders
@traderyen
Great Post!
https://steemit.com/steemsilvergold/@midastouch/the-midas-touch-gold-model-update-24th-of-june-2017
I am still looking for your downside projection to play out but we should know soon. A big breakout or breakdown coming
I completely agree. I've been examining the gold chart, and it has the look and feel of an imminent upside breakout. As you say though, it could be a down move ahead. One thing is for sure, the apex is approaching and it could well be a BIG and decisive move.
Yes. I am a gold bull at heart but would not be surprised of 1 more large flush to scare everyone. Hopefully it happens because it could be the last buying opportunity before gold rockets to 1900. Look at GDX its breaking down now bigtime!!
We shall see very soon. As you may have gathered I am currently short the HUI so I hope we do get a downside move perhaps an exhaust move to shake the weak hands out. But in this time frame I am keeping a tight stop loss. Thanks for sharing.
The gap is about to get filled on GDX lets see what happens after
Yes keep it tight because as you have seen there has not been any long sustained trending moves. It has been chopping back and forth since May