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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

3Y, Weekly Chart

Seasonality Chart based on 20Y Historical Price Average

For real time updates, follow @verniancapital on Twitter/X

This is not an investment advice and The Filipino Investor shall not be responsible or liable for any trading or investment decisions made based on this information.
The Filipino Investor hereby expressly disclaims any responsibility for any error or inaccuracy in the information.

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