Jeff Pierce's  Instablog

Jeff Pierce
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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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  • $48 Should Be Top In GDX 1 comment
    Jun 5, 2012 4:24 PM | about stocks: GDX, GLD

    I wrote this yesterday, here's an updated chart of XGD for Canadian Investors that better illustrates key resistance levels I'm watching.

    (click to enlarge)

    Nice rebound in the metals today and I think we could have a little more upside before it rolls over. $48 is my target where I think it'll run out of gas and correct as there are multiple points of confluence of resistance. I'll be looking to add a short position in GOLD tomorrow, with a possible position in ANV.

    (click to enlarge)

    Stocks: GDX, GLD
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  • saywhat1015
    , contributor
    Comments (132) | Send Message
    with all the money printing going on, your crazy. It is a resistance level, but that wont stop PMs for very long.
    6 Jun 2012, 02:48 PM Reply Like
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