Well, the stop losses was violated, GDX and GDXJ went much lower.
The FOMC meeting blew gold straight up and miners with them.
Here we sit, I am good again with entering positions, but slowly over time.
Stop loss at 25 for GDX and and 42 for GDXJ.
And here is the rub, both are much higher, so there is no safe entry.
You can buy in here, and simply lose 10% to next stop loss.
For this reason, I cannot advocate going all in here. Hopefully 50% of the position remains, so can add another 20% and simply .... wait.
If GDX and GDXJ do keep going up, you can really buy in a week...or two..or three.
Won't be a straight line, but in two weeks if we don't violate those levels, we are making higher lows, which is a trend up.
I am slightly reserved here. India is a large buyer of gold, but India is trying to cool it off.
It can't last forever, but darn straight it could last couple more months.
Lower demand = lower price, simple as that.
I am unsure if there is enough global demand to make up for lack of India demand.
If I believed on conspiracies, which I don't, insiders are influencing India to stop the the gold buying, to build up demand and cool off price. The insiders to get in cheap before the demand resumes.
So buy in here if you wish, but I can't advocate load the boat, lose 10% on next stops, repeat.
I can say, if you still have half your original position, your not out, and there is no burning need to get back all in today.