The GDX daily chart below shows that the gold space bottomed in late Sept after hitting some major support levels on monthly charts.
I circled in green the two bullish blog posts I wrote on gold (Oct 7 and Oct 13). After a nice 3-week rally, I got short-term cautious (Oct 24 post).
Now I’m adding on this pullback. Both GDX and XAU weekly charts are at/near some major support levels. This defines our risk.
This posts ties into the last one (link) about getting good entries and scaling into a position.
While I did a shorter-term swing trade in the past week, I have a longer-term bullish view on gold based on my Oct 7th post.
Important Disclaimer:Â This blog is for educational purposes only. I am not a financial advisor and nothing I post is investment advice. The securities I discuss are considered highly risky so do your own due diligence.