Robert Morse
Sponsor
What is your expectation? 1 year, 5 years? I find it hard to have expectations that go out more than a month.
Short GDX @ $22.57
- Thread starter eganon69
- Start date
What is your expectation? 1 year, 5 years? I find it hard to have expectations that go out more than a month.
Robert Morse
Sponsor
and gold is not so low vol at times as far as I can recall
I traded GLD options as a market maker before 2011. Vol was higher back then with front months around 17 to 20 and back months as high as 28ish. I have not looked at that in years but I expect the entire curve is lower.
monthly has a huge bull flag, weekly gave a buy signal when the inside bar broke up at sma9 ... we still have to break out of the flag, then we'll see a retrace and then we should head for my target, since it's a monthly chart you will need to have patience, but it's a goal 80 % from here, so there is money to be made ...
Monthly has more of a pennant forming. I too think gold will be significantly higher in the future but not near future. Notice we are at resistance on this pennant flag as well. I expect a retest of the $1045 low and possibly even as low as $950ish based on this chart. I would NOT classify this as a breakout of a bull flag. At least not until price breaks above $1300 on this chart.
What timeframe?
IMO... I'd look at significant support at $21.48ish, then $19ish before $18.52. Good luck!
Agree with support around $21 but I think that will be weak and we will test $18.52. We will see how price responds there at that $21 level. If it looks like stronger support I may get out of trade there. Thank you.