Strategy for the Dump in Gold

I would have preferred a gap down this morning in the precious metals and miners to play for a reversion long trade after their recent swoons. Instead, they are staging mild bounces this morning.

Overall, I have been hands-off on these things for a while now, as the potential bottoming patterns suffered too much selling pressure, likely alongside the Dollar strength and other concerns.

Still, if the GDXJ, ETF for junior gold miners, can clear $35.50 soon I would consider a long trade as the chart would be breaking the steep falling channel highlighted on the 30-minute chart, below.

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