Well folks, there it is; the GDX is officially breaking down from support. People absolutely cannot be complaining that there was no warning or that this is some kind of short attack by the forces of evil. It has been in the charts for weeks now (despite the ridiculous ‘Golden Cross’ hype).
For about as long as the precious metals have been below both the 50 and 200 day moving averages I have been advocating patience and strength to NFTRH subscribers. hat is because if this mess is going to resolve into a buying opportunity it will require strength to buy it while the ‘community’ pukes again.
In life you can have strength in many different ways. In the financial markets you can only have strength by not being caught on the wrong side of a market and by having lots of cash… and again, patience. The key now is to await targets and hopefully marry up some fundamental underpinnings into a would-be buying opportunity in the coming weeks.
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