The long GDX robot position has me worried a lot. First, last Friday, physical gold didn’t react at all to the USD weakness and is getting very weak in the futures market as I am writing this commentary. Second, GDX is very close to the lowest support line (45.98) of the ongoing consolidation that began on April 4th. Third, the Precious Metals MF closed in negative territory and below the MF average. Large buyers were totally absent in the final minutes of trading, contrary to their recent automatisms. The MF is just 0.05% shy from issuing a short signal today at the porosity limit of -0.150%. The RT model is most likely to trigger a short signal early today and the EOD model will have to wait for a confirmation by the close to sell its position at the open tomorrow.
To avoid a possible ultimate shakeout followed by an intraday price and MF reversal to the upside, I plan to set my discretionary hard stop just below Quarterly S1 (45.75), the strongest and most significant nearby floor support. If the stop is not hit and the EOD model closes below -0.15% with a sell signal, I will close my long position EOD.
The robot’s secondary limit entry at 45.15 should not be taken into consideration if the RT MF is trading below -0.15%.
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The IWM robot remains short and still advises a secondary entry at the same limit price as the initial entry of 80.03.

IWM will start the week with the confluent resistance of Quarterly pivot (80.28) and Weekly pivot (80.21). Now that the opex bullish bias is behind us, It will likely cautiously trade below these resistances and in the lowest area of the consolidation until Wednesday’s morning reaction to AAPL’s earnings or Wednesday’s afternoon FOMC statement. The whole world and media networks will be focused on these two events this week and we just need to wait for the market’s reaction and 20 DMF response to the news.
Billy
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