GDX miners are shorted; current price is above the preferred entry level of ~9265, so no long position is taken yet.
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And again, just last week, I was telling you guys, short the miners. The miners are at a Fibonacci retrace 618, the GDX.
Now, potentially a quick bounce play. Notice I'm stressing quick because it doesn't mean gold can't keep coming down. But again, let's look at the GDX here as well. GDX is down.
See the GDX is not down to my level yet. It needs to fall further. And just what I mean by that is that so gold is at support, but I want the GDX down here before I enter. So again, I can't play the GDX.
Gold might be a different scenario, but the GDX right here would be my level at around 9265 if it comes into that level. That's also a Fibonacci. If we do our fib right here, essentially that's right at the 382 Fibonacci retrace.
So, as of now, I like gold for a bounce, but I don't like the miners yet.
What this channel has said about $GDX
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