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GoldSeek Web

Gold's Big Leap Nears Key Resistance

By: Rick Ackerman, Rick's Picks

 -- Published: Friday, 21 June 2019 | Print  | Disqus 

Bullionís powerful rally this week has kicked this popular mining-stock vehicle into high gear. I havenít tracked it in quite a while but aim to do so now, provided it remains feisty and interesting. In that regard, GDX looks like itís about to ratchet up the interest-level, although not in a way we might have preferred. Notice that Thursdayís energetic short-squeeze brought the ETF within inches of a target at 25.58. This Hidden Pivot resistance can be used as a minimum upside objective for now, but donít expect GDX to pop through it on the first try. More likely is a pullback of sufficient magnitude that you should consider taking a partial profit or doing covered writes in the range 25.42 Ė 25.70 if you are long.  Please note that if buyers should blow past D=25.28 with ease, that would imply that the target of a bigger pattern is in play. In this case, it would be 36.67(!), a Hidden Pivot whose provenance goes back to a low at 12.40 recorded early in 2016. The target corresponds to one at 1412 for Comex August Gold that I disseminated to subscribers several weeks ago.

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 -- Published: Friday, 21 June 2019 | E-Mail  | Print  | Source:

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