Posted by jtsurfah on 28th of Sep 2020 at 09:55 pm
How do you feel about GDX's recent correlation to the dollar?
GLD not always so correlated, but the dollar looks like it
might have some short term rally left in it (to my eye).
However, it's hard to imagine the dollar isn't not destined to go
lower in the medium term (the fed has basically promised to crush
the dollar for the forseeable future). These are more
questions based on recent observations than statements. I've
got a relatively large position in GDX, but I'm short the 36
strike calls against it. It's just an income play for me.
jtsurfah, as Steve has stated" trade what's in front of you",
you can review Matt's GDX charts below. For me personally, I will
short GDX on a break of the triangle with a target of 36 to 37
area. I'm looking for this as a possible bottom in GDX and will
look for another trigger to go long for a multi month long trade.
Good luck!
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
GDX comments
Posted by matt on 28th of Sep 2020 at 03:40 pm
GDX - Chart Link- to me all GDX has had is an abc bounce back to resistance
GDX - Chart Link- could be a place for it start failing again
How do you feel about
Posted by jtsurfah on 28th of Sep 2020 at 09:55 pm
How do you feel about GDX's recent correlation to the dollar? GLD not always so correlated, but the dollar looks like it might have some short term rally left in it (to my eye). However, it's hard to imagine the dollar isn't not destined to go lower in the medium term (the fed has basically promised to crush the dollar for the forseeable future). These are more questions based on recent observations than statements. I've got a relatively large position in GDX, but I'm short the 36 strike calls against it. It's just an income play for me.
jtsurfah, as Steve has stated"
Posted by amcap on 29th of Sep 2020 at 08:47 am
jtsurfah, as Steve has stated" trade what's in front of you", you can review Matt's GDX charts below. For me personally, I will short GDX on a break of the triangle with a target of 36 to 37 area. I'm looking for this as a possible bottom in GDX and will look for another trigger to go long for a multi month long trade. Good luck!