GDXBased on the 4H chart as well as the price action of spot gold
using an EMA ribbon cross-over as well as the volume profile,
I have set up a long trade with two upside targets of about
10 and 20 % upside respectively with a stop loss of about
4% which would be adjusted as soon as the price rises above
$ 27 to move the stop loss to the entry price making for
a breakeven free trade after that. Overall, spot gold
is sitting on support with a bullish RSI divergent pattern.
I also see GDX as a candidate for the intermediate term
call options out of the money about 15% above the current
price being between the two targets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.