UUP (US Dollar Index ETN) is moving higher after a second consecutive divergent low on this 60-minute time frame & appears quite likely to hit any or all of the resistance levels in this shaded area. If so, that will continue to put downward pressure on gold in the near-term. UUP 60-min May 8th [...]
Analysis of gold, GDX (gold mining ETF) and the US Dollar including both the near-term & longer-term outlook. Potential buy points & key support & resistance level are also highlighted.
Technical analysis of gold, the precious metal mining stocks & the US Dollar via GLD, GDX & UUP. Both the near-term & longer-term outlook for gold, GDX & the US Dollar are outlined. @ww0987
I'm still leaning towards more downside in gold & the mining stocks although my conviction still isn't very strong as as such, GDX is not an official trade idea at this time. A break & close below this secondary uptrend line on this 60-minute chart of GDX in conjunction with a break below the comparable [...]
The near-term outlook for the US stock market via SPY, QQQ & IWM followed by analysis on GLD, GDX, UUP & several trade ideas including GILD, CARA & SMH.
Sector analysis gold & the precious metals mining stocks via GLD & GDX followed by analysis of the energy sector (XLE), Biotechs (XBI) & retail sector (XRT).
GDX is approaching a significant resistance zone with potential divergences forming on the 60-minute indicators. Coupled with the fact that GLD is also trading at resistance with a divergent high, the odds favor a pullback in the mining stocks soon. UUP (US Dollar ETP) has broken out above the 60-minute bullish falling wedge which also [...]