EQX looks quite a bit healthier than GDX. It is much closer to new highs, and in the last couple days has shown relative strength. This coil and flag breaking out together suggest buyers are starting to overwhelm sellers here.
After two months of consolidation in the Gold sector, I'm adding on any dips for long term, no-trade holding.
After two months of consolidation in the Gold sector, I'm adding on any dips for long term, no-trade holding.
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Got smoked by the failed breakout. But long term, just another buying opportunity. Crazy to see other majors like NEM perform so strong; this one will catch up.
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In hindsight, the low volume in the circled area was key to suggest the breakout attempt would fail (low volume up days = no demand). I have recently been studying more about volume from a good trading book and have learned some valuable things.