GDX: CANDLES SPEAK: 25.03.2021

As projected yesterday, GDX today continued its move down.

Today’s candle closed well below the daily 20 EMA line and all EMA/MA are lined up in the most bearish way possible.

Options for Friday

  1. Tomorrow is the last trading day this week and the bulls will be facing a tough task. In order to flip the odds to their side, they would need to close at least above 33.20-33.30 (from the weekly candles view). This would require a rally of more than 1%.
  2. If GDX closes below 33.20, the odds would still be on the bearish side and the decision about trend direction would be postponed until at least the end of March.
  3. In case of closure below 31.22, I would be expecting the lower prices ahead.
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