There's a lot of flags right now being raised on miners. Even though gold has slowly crept up from its recent fall, miners on the other hand have not correlated with gold which should be seen as a red flag that the correction is not over. Also the nearing of the death cross should be taken seriously.
With that being said, my bullish bias is telling me that bottom is probably near. I think we will see another MACD crossover (low) and RSI fall before we start the next bull run. Of course I'm not confident enough to short miners at this point as volatility has started to creep up into the markets as we near the american election, and that means TA can be negated quickly.
I will be watching this closely of course. It was fun day trading it today, and that's what I expect most people will be doing leading up to the election.
With that being said, my bullish bias is telling me that bottom is probably near. I think we will see another MACD crossover (low) and RSI fall before we start the next bull run. Of course I'm not confident enough to short miners at this point as volatility has started to creep up into the markets as we near the american election, and that means TA can be negated quickly.
I will be watching this closely of course. It was fun day trading it today, and that's what I expect most people will be doing leading up to the election.
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It will be interesting to see heading into Wednesday's FED meeting if GDX breaks out, or breaks down. I'm watching the 24.88-24.97 resistance level, top trend line and narrowing B-Bands for either swing long or short.
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Really nice day for the bulls but I'm still not convinced. Tomorrow's FED meeting will be key as to figuring out what to expect in December (zero percent chance they raise rates tomorrow). Hawkish and I'll short bellow the 25 level. Dovish and I'll long above the 50SMA. Should be a fun day tomorrow.
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Still no position. Re-charted using weekly.
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