{"id":21157,"date":"2023-08-28T07:30:12","date_gmt":"2023-08-28T11:30:12","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=21157"},"modified":"2023-08-28T07:30:12","modified_gmt":"2023-08-28T11:30:12","slug":"get-ready-for-gold-stocks","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/get-ready-for-gold-stocks\/","title":{"rendered":"Get Ready for Gold Stocks"},"content":{"rendered":"

Jeff’s Note:<\/strong> Last week, my colleague and trading analyst Imre Gams shared how he achieved a 79%-win rate over the past 12 months, while reeling in a 961% return.<\/p>\n

It’s thanks to a special trading system he developed… one that allows anyone to trade like pros and achieve exceptional results. He calls it Project X<\/a>. And it could alter how you approach trading from here on out…<\/p>\n

To make sure you don’t miss out on this transformative strategy, click here<\/a> to watch the replay of this special event.<\/p>\n

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Gold stocks are one of my favorite markets to trade. Many investors hate gold stocks because they tend to go up and down like a yo-yo.<\/p>\n

But that’s exactly what makes them so profitable for traders. Good traders don’t care if the market is going up or down… they just care that there’s movement and volatility.<\/p>\n

And if there’s one thing gold stocks are known for, it’s volatility. Back on August 14, I warned readers<\/a> that the VanEck Gold Miners ETF (GDX) would have to selloff first before setting the stage for a bigger move higher.<\/p>\n

I had identified a support zone in GDX spanning between $27.82 and $28.32. At the time, I wrote, “While there could be a bit lower to go, this analysis suggests the bigger move in gold stocks will be to the upside.” You can check out a version of that original chart below.<\/p>\n

<\/p>\n

\"Image\"<\/p>\n

Last Monday, August 21, GDX struck a low of $27.28 before reversing sharply higher. This is a great initial sign that the decline in GDX is over. As a result, I’ve prepared an updated chart of GDX for you to look at.<\/p>\n

<\/p>\n

\"Image\"<\/p>\n

The price chart is quite straightforward. There are two important key levels to be keeping an eye on.<\/p>\n

A break of each of these levels further increases the odds of GDX reclaiming its May 4 high of $36.26.<\/p>\n

If GDX is able to break above $29.56, that opens the door to a much stronger rally over the next several weeks. The subsequent upside target will be the $32.63 level. A breach of this critical resistance level will tell me that the bulls are firmly in control of this market.<\/p>\n

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Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/p><\/div>\n<\/div>\n

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The last time GDX was trading around $27 was back in March. Back then, GDX exploded higher. Prices rallied from a low of $26.59 to a high of $36.10 in just 24 trading sessions. That’s a move of almost 36%.<\/p>\n

The best way to capture these kinds of moves is to be ready for them ahead of time. Trying to catch a runaway train is one way that folks get themselves into trouble. That’s why identifying key levels is my favorite way of being proactive as a trader.<\/p>\n

Happy trading,<\/p>\n

Imre Gams
Analyst, Market Minute<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold stocks are one of my favorite markets to trade. <\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[76],"newsletter-type":[],"ticker":[],"class_list":["post-21157","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-imre-gams"],"acf":[],"ai_tts_audio_outdated":false,"ai_tts_legacy_post":false,"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/21157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=21157"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/21157\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=21157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=21157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=21157"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=21157"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=21157"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=21157"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=21157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}