Gold and GDX: Oversold
Dear Steemit friends,
Here is a quick update on gold and GDX, which is an ETF holding some of the largest gold miners. Gold price has been very disappointing over the last three months. What do you guys see for gold moving into fall 2018?
What I see is that gold is very oversold and is due for some sort of a bounce up. Even if this bounce doesn't break above the magic resistance at $1370; I think a bounce should at least bring gold close to $1310 sometime in fall 2018.
At the same time, even if GDX doesn't rise above $25; I expect it to bounce at least up to the recent April highs at $23.4.
Share your views in the comments, and I will be glad to upvote the meaningful ones.
Gold trades have been painful, we need a relief run up!
Sounds like a solid reversion to the mean trade. And seems like money is pretty loose so gold should be performing better than this. Maybe bitcoin is taking some market share away from gold. But I would take the reversion trade at 1200. Looks like traders are eyeing that number and might need to be hit before the reversion can start.
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