Gold Miners move down imminent.
While the rally in gold miners is intact, gold miners is likely to make a significant move down in the immediate future.
This affects
GDX, 
NUGT, and GDXJ.
The print of the doji is pending a selloff confirmation tomorrow to start the move, which coincides with the Fibonacci time series analysis to project a move lower.
Traders banking on support being held at the trendline are likely in for disapopintment.
It's much more likely that gold miners will make a move lower to fill the open gap, down to the $15.50 support area as a first target, where $14.50 is a real possibility.
Skilled investors should protect their miner's investments now. Short traders an enter a position pending confirmation on tomorrow's print.
This affects
GDX, NUGT, and GDXJ.The print of the doji is pending a selloff confirmation tomorrow to start the move, which coincides with the Fibonacci time series analysis to project a move lower.
Traders banking on support being held at the trendline are likely in for disapopintment.
It's much more likely that gold miners will make a move lower to fill the open gap, down to the $15.50 support area as a first target, where $14.50 is a real possibility.
Skilled investors should protect their miner's investments now. Short traders an enter a position pending confirmation on tomorrow's print.
Note
It looks like the move down may already being playing out, with the stock down 3% pre-market. If this trade continues to unfold in the correct direction I will update with target zones.Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.