A breakdown below this 60-minute bearish rising wedge in GLD could bring it down to the 118.35 or 118ish level before the next leg higher. Should GLD break down below its 60-minute rising wedge pattern, it will almost certainly bring GDX down with it. Consider tightening stops or booking profits if you did not do so when T1 was hit. I’ll leave the suggested stop as is for now although I am consider closing the trade early & personally tightened up the stops on my position today. 60-minute charts:
-
- GLD 60-minute May 23rd
-
- GDX 60-minute May 23rd
Bullish divergences on the UUP (US Dollar ETN) 60-min time frame is likely to spark a rally in the dollar on a break above this downtrend line, causing GLD & GDX to move lower.
UUP 60-min May 23rd