Thursday was not a favorable day, and Friday is not shaping up to become one this morning, as of 8:15 am EST.
This came to me, and I thought it interesting: “Gold steadily made its way lower towards the $1200/ounce level and GDX (Gold Miner ETF) fell -0.98% resting on critical support levels.” In my own work and thinking, I thought that I was seeing the same thing, and had been saying so. We’re at some pretty important support levels.
This is a make or break kind of a moment, the most critical levels still lie at the 12/15 thru 23 bottom of last year. We’re not there yet… BUT, I will check GDX, which the quote mentioned, to see if it is at that level.
Yea, I got that right… GDX is at a relatively important support level now, but the big one is still considerably lower, and we may still get back there yet again. Which would NOT be a bad thing… especially, if that were to hold.