https://rightsideofthechart.com/eur-usd-breakdown-dollar-rally-gld-gdx-correction/ Stock Trading, Investing & Market Analysis Thu, 09 Mar 2017 02:20:00 +0000 hourly 1 https://wordpress.org/?v=6.9.4 https://rightsideofthechart.com/eur-usd-breakdown-dollar-rally-gld-gdx-correction/#comment-876 Fri, 12 Feb 2016 14:01:37 +0000 http://rightsideofthechart.com/?p=169766#comment-876 @mrg5a Best of luck (to both of us) on that GDX short. The bid beneath gold & GDX has been voracious lately so anything can happen. I’ll be curious to see how GLD closes here in the US session today. Although gold trades around the clock, I know there is a very large interest in the GLD ETF, so much so that I believe it is often a case of the tail wagging the dog (GLD inflows & outflows determining the direction or gold & often sparking rallies on technical breakouts). Either way, if GLD happens to close down 2.3% or more today, that will have signaled a bull-trap/false breakout above the downtrend line on my GLD weekly chart. Still a lot of work to be done as GLD is only indicated to gap down -0.84% in pre-market trading right now so they’d really have to sell it down hard during the regular session today. However, some false breakouts on the weekly can take 2-3 weeks before falling back below the breakout level. Just something to keep an eye on for now as that could have longer-term (weeks to months) bearish implications for GLD & GDX.

]]> https://rightsideofthechart.com/eur-usd-breakdown-dollar-rally-gld-gdx-correction/#comment-875 Fri, 12 Feb 2016 13:49:47 +0000 http://rightsideofthechart.com/?p=169766#comment-875 Been watch the gold market all day (living in Europe). Looks like equity bounce, positive US data, strong USD and Gold fall. Thanks for the updates the following days. I am short GDX (a bit early) and decided to hold short against the near-term pain, but looks like the correction might play out.

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