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Saturday, October 14, 2023

Vernian Capital on X: Bought GDXJ as a Bullish Play on Gold

November is one of gold's strongest month based on the 20-year historical average. If this plays out, we could be testing the multi-year resistance at 2050-2100 levels by then.

Macro backdrop of "flight to safety is also in play".

Technical Pattern: Falling broadening wedge, continuation pattern, bullish to the upside Long $GDXJ at 33.36
Holding Period: 1 to 4 months
Price Target: None, discretionary
Stop Loss: None, discretionary

Traded Under (3) Special Situations

1Y, Daily Chart