GDX Position Update

I expected to see gold prices rally today if $1,201.30 was a critical low, they haven’t. Gold prices now risk closing out the week near the session lows and an important support level ($1,200). Potentially, setting up next week for further weakness.

Furthermore, I expected to see miners open below yesterday’s close and then rally throughout the day. They started this morning where I anticipated but have faded since the open.

 

We are going into the weekend with too much uncertainty for me to be comfortable. I purchased GDX at $20.89 this morning, and I’m going to sell it near breakeven until we know more.

I apologize for the in-and-out market entries. Trying to time a bottom is a tricky business when keeping risk to a minimum.