Prices are pulling back slightly as traders take profits and square positions before the Friday employment numbers. I’m expecting everything to hold above their 20-day averages (EMA’s) between now and Friday morning. Everything should turn higher for the remainder of August once the jobs numbers are behind us.
-GDX- Prices may pullback a little more before the Friday non-farm payroll numbers. We could see a touch of the 20-day EMA ($29.51). Nevertheless, prices should remain above $29.00 before the next leg higher.
Thanks to everyone that has responded to our feedback request. Nearly everyone likes the idea of short-term signals for the 1-month trend.
Very helpful, keep the ideas coming.