Gold broke and closed below $1250 on a weekly basis. Bears will look to try and break $1200 which will open the door to a move down to $1025 by the end of the year. Bulls need a weekly close above the 40 week ema ($1285). If gold does reach $1025, that will be a fall of 16%.
GDX 21 looks like it's next level of support is 16-18. Long term Bears will target to retest the low at the 2016 year low of 12.40. Bulls need a close above the 40 week ema th 24.7. Let's assume Gold does retest $1025, 2x ratio means GDX should fall a further 32% to 14.
GDX 21 looks like it's next level of support is 16-18. Long term Bears will target to retest the low at the 2016 year low of 12.40. Bulls need a close above the 40 week ema th 24.7. Let's assume Gold does retest $1025, 2x ratio means GDX should fall a further 32% to 14.
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