Weekly Bearish Engulfing on May 31 starts to take its toll. If #GDX does not rally sharply from here till end of week, expect $31, $25, possibly $15 in the next few weeks/months.
I hope I am deeply mistaken.
Forecast on June 11:
I am expecting a possible bullish action at the beginning of the week and the red candles closer to the end. Based on the minor waves, there is also a chance of an immediate move down. If the next week closes below 38.01 with a red candle, it would open a path to 31, 25, and even to 15, the most typical Fibonacci levels for corrective waves, as marked on the monthly chart. This would also mean that a multi-week/month decline is ahead.
There is a very similar candle structure in gold spot and gold futures.
However, if there is a strong rally with at least two green candles closing above 39.00, there is a good chance that the rally to a new ATH would resume.
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