Possible Reversal In Gold Futures pre-Market
We’ll get straight to it … Gold futures, GCZ21 (December) look like they have posted an up-thrust and reversal in the early hours.
The Miner’s chart above, GDX has a potential terminating wedge as shown. The chart below zooms in on that area:
Pre-market action thirty minutes before the open has GDX about to open slightly higher.
If we’re in a reversal condition, the expectation is for the higher open to be retraced within the first 4-hours of the session … preferably within the first hour.
If price action persists higher, it’s an indication there is more oscillation to come and it’s probably time to stand aside (exit) a short position (not advice, not a recommendation).
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