Gold Trading Alert #2

It’s an hour before the closing bell, and I wanted to share a very interesting fact about this week.

If the markets close as they are right now, it will imply that the GDXJ will note its biggest weekly decline – in nominal terms – since… May 2022!

That’s right – even though other weekly candlesticks look similarly big, actually, none of them was bigger than this week’s slide. Of course, it’s still a full hour until the trading week is over and anything can happen, but the odds are that nothing major will happen.

Today’s post-nonfarm-payroll-report reversal in gold worked exactly as I had outlined earlier today (and what I’ve been writing about for many days given the U.S. Labor Day) and today’s decline suggests that a bigger move is indeed starting.

Still, as I had indicated earlier today, GDXJ at or very close to $40 might provide an opportunity to limit the size of our short position in junior miners (in order to once again increase it after a quick rebound).

Anyway, the above is just about a quick rebound, and the huge move lower – to $33 - $34 and then much lower is – in all likelihood – coming.

Also, FCX is most likely about to form the lowest weekly close in a long time – moving lower about 10% this week.

The short position in FCX continues to look VERY promising, even though it already declined substantially recently.

Have a wonderful weekend, and, as always, I’ll keep you – my subscribers – informed.

Thank you.

Best wishes,

Przemyslaw K. Radomski, CFA

PS. If you’d like to upgrade to the Diamond Package, please let our support know and ask them about the 25% discount.