September 9, 2019 | Beware of ‘Falling Piano’ in Gold

It’s been a while since gold took out any important lows on the hourly chart, but the Comex December contract was close to doing so late Monday night. This has caused the daily chart to become fairly oversold, although that doesn’t necessarily mean the futures are about to reverse and trampoline higher. Rather than try to catch a potential falling piano, we’ll give the correction time to shake out fair-weather bulls before we attempt to get on board. Regardless, a bottom-fishing trade in GDX that was posted (with chart, at 12:19) in the Coffee House can give us something to do without risking too much.
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Rick Ackerman September 9th, 2019
Posted In: Rick's Picks