As far as gold and the miners go, we anticipated a pullback, there are some early hints of today's pullback perhaps even being accumulated, I'll try to get charts up later.
The short term charts have suggested a pullback and so far we've seen a near gap fill in GDX/NUGT, not so much in GLD.
My approach to all of them including a NUGT long and GDX November calls is longer term in nature and that goes for Gold/GLD as well. I honestly prefer to just let them do what they will do short term, if in fact the positive divegrence on the pullback looks strong, then I'll likely look for a tactical entry for new positions or add to positions. However as a longer term play, I'm not willing to try to trade around this right now, I don't see any reason to and there aren't strong enough signals to make that chance worthwhile in my view so I'm staying with the GDX November $25 calls and with the NUGT (3x long miners) long position.
5 years ago
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