GDX Call Follow Up

This is a follow up to yesterday's GDX call position, Trade Idea (Speculative Very Short Term) GDX Calls.

I think the position is still fine and can still work.

First without getting in to too many charts (although I've looked at all of them), I suspect GLD is going to bounce from thee levels, a weaker $USD should help in that scenario.

The $USDX just hit intraday highs on the week, but in to a leading negative divegrence, thus a weakening $USD should help precious metals in the near term and GLD and GDX have a very high correlation rate.

As for multiple timeframe confirmation and multiple asset confirmation, this is where I can get in to a lot of charts between GDX, GLD, SLV, NUGT, DUST, GDXJ, JNUG and JDST, I'm not going to post all of these charts in all of the timeframes I've looked at them, but enough to give you a sense of where they stand so in everything but DUSt and JDST we are looking for positive divergences, in DUST or JDST we need negative divergences to confirm.

 GDXJ 1 min leading positive

 GDXJ 2 min leading positive

 GDXJ 3 min leading positive

GDX 3 min leading positive

 NUGT 3 min leading positive

NUGT 5 min leading positive

 GDXJ 5 min leading positive

GDX 5 min leading positive

JDST 5 min leading negative

10 min GDX positive.

There's good multiple timeframe and multiple asset confirmation so I suspect as long as this gets moving fairly quickly, the GDX calls from yesterday will be fine.