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GDX At Resistance, GLD Approaching Resistance

Following a sharp rally over the last week or so, GDX is now challenging major resistance at the top of the large 7/17-7/20 gap, where a reaction (pause and/or pullback) is likely. Although the current momentum could quite possibly allow the miners to make a solid break back above the top of that gap, it might be prudent to set a tight trailing stop if long the miners.

GDX daily Aug 12th

GDX daily Aug 12th

GLD is also approaching the top of its comparable July 17th/20th gap which comes in at 108.40, 73 cents above where GLD is currently trading as I type. As with the miners, I would expect at least an initial reaction in this intial backfill of that large & very technically significant gap. Should GLD manage to take out that gap resistance, it still has major resistance not far above around the 109.75ish level to contend with.

GLD daily Aug 12th

GLD daily Aug 12th

On a positive (bullish) note, SLV has managed to regain the recently highlighted 14.70 key resistance level although a solid close above that level & especially a few more days trading back above would help to strengthen the bullish case, especially with all the recent whipsaw signals lately.

SLV daily Aug 12th

SLV daily Aug 12th

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Aug 12, 2015 11:19am|Categories: Gold & Commodities|Tags: , , , , |Comments Off on GDX At Resistance, GLD Approaching Resistance