GDX: WEEKLY 20.02.2021

In my monthly update three weeks ago I pointed that “I continue to watch the level of 33.25 that I mentioned before as very critical from the candles perspective. A closure below 33.25 on any time frame would mean a continued downfall.”

Well, it happened. The stock closed below 33.25, the November low, on February 17 (daily candle), and on February 19 (weekly candle) as I marked on the chart below.

Both closures below are very bearish from the candles perspective. If the next week (the monthly print) closes below the 33.25 level, I would say that the stock is doomed for the next multiple months (if not years) and that there is a much higher chance for it to fall to the $12-14 level, the one that I have been talking about since the end of October 2020.

Speaking about gold futures, GDX could be a harbinger of what should be expected in the precious metal. I still hope that the next week would show some hints of a bullish reversal and will share my monthly update on the next weekend.

One thought on “GDX: WEEKLY 20.02.2021

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