GLD, daily2
GDX, daily2
Summary
The point is this...
I am looking for Gold and the miners to retrace... into the next FOMC.
Keeping in mind the recent bullish upside break, there seems high threat that Gold - and the related mining stocks will see hyper upside - as the broader market looks on track to implode this spring/early summer.
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Yours truly would feel a hell of a lot more comfortable launching index shorts/VIX long... (along with GLD-long, and GDX-long), once GLD/GDX have seen at least some sig' retrace into next Wednesday.
So.. for now.. I'm seeking to use the next floor in GLD/GDX as an indirect signal that equities have maxed out.
Near term downside targets... GLD 115/113, with GDX 18.00/17.50
From there... basic upside.. GLD 125 (Gold $1300), with GDX $24/25.
'Hyper upside' targets would be GLD 150 (Gold $1550), with GDX $40.. by June/July.
Considering the break of the multi-year down trend... the hyper targets are valid.
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Any thoughts?