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adventurous51

Sentiment on Gold is WAY TOO bullish short term

Short
VanEck Gold Miners ETF (AMEX:GDX)  
adventurous51  
AMEX:GDX   VanEck Gold Miners ETF
Technical Indicators Trend Analysis Beyond Technical Analysis GLD GC1! (Gold Futures) SPDR S&P 500 ETF (SPY) S&P 500 (SPX500) S&P 500 E-Mini Futures YM1! DIA GDXJ DXY
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indicator trendanalysis beyondta gld gc1! spy spx500 es1! ym1! dia gdxj dxy
The sentiment on gold and gold stocks is way too bullish for the short term. I am not a bear and I am bullish on gold mid to long term but gold has to flex lower to get the power it needs to get past $1800. If the stock market ) rolls over, which I think it will, gold will not escape the selling pressure. Then it will bottom and be ready for the sky rocket move everyone expects. Also, keep an eye on DXY. Any surge in DXY will send gold lower. Just thoughts ...

Current contrarian position with PUTS on GDX (15 May) as well as PUTS on SPY (June 19)

P.S. GDX is up 2.1% on the day... good entry point???

Disclaimer: The above is only my opinion and in no way can it be interpreted as investment advice. Trade at your own risk and do you own due diligence.

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