Short attack zone of $23.50!
I must agree with your pattern analysis. Unless, some major world event unfolds, there is a chance for $30
I certainly don't own crystal ball, I'm only a very short term investor.
$22.50 is my upside target for this current investment.
I was lucky enough to catch the dividend of $.191 per share.
Anything over $21.85 is pure profit for my team of investors.
Our toss in the towel, or stop loss is at $19.50
We feel with this trade, if GDX happens to sells off to $19.50 level, our short term analysis was wrong.
The weekly base in price action, seems to be a positive thing currently.
We are thinking the central banks will continue their support at the $1,200 levels for gold.. Which happens to be the cost of production point.. For most large gold firms.
Next level would be $850
Central banks wants to hit its unemployment targets next year of around 6.5%
Allowing gold to trade below $1,200 would be negative impact of the gold industry, which might force gold industry to lay off workers, thus huge ripple effect of other layoffs.
I know in my tiny micro world, if GDX hits $22.50 I'm buying new truck.
So, in tiny way that helps the economy.
New truck, steak dinner, small vacation.
Its in the best interest of the central banks, to support this level of $1,200
Good luck to everyone this year, don't be greedy.
Markets are design to give out few bucks.
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