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.
The outlook for the US stock market via SPY, QQQ, & IWM followed by analysis on GLD, GDX, SMH, WEAT, JJG & DBA.
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 [...]
Based on my analysis of gold, GDX as well as the US Dollar & other major currencies, while the longer-term outlook for gold remains bullish it appears that the odds favor a pullback in gold & the precious metals stocks along with a bounce in the US Dollar in the coming days to weeks. [...]
An overview of the charts of gold, silver, platinum & the precious metals mining stocks as well as the U.S. Dollar via the ETFs: GLD, SLV, PPLT, GDX & UUP.
As predicted in Tuesday's video, the 115.70 formidable resistance level coupled with an over-extended run proved to the stopping point for the rally in GLD. My expectation is for a pullback to any of these 3 support levels (113.95, 113.15 or 112.15) before a resumption of the uptrend. The first chart is a screenshot taken [...]