Discover more from AlphaCharts Blog
The GDX daily chart below shows that the gold space bottomed in late Sept after hitting some major support levels on monthly charts.
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: 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.