GDX Poised to Breakout

GDX (Gold Miners ETF) is poised to break above the top of the large symmetrical triangle pattern on the 60 minute time frame, should prices move much higher. I'm also watching the GLD & SLV 60 minute charts below for confirming buy signals.

Other than a likely impending breakout in the gold & silver mining stocks, I've struggled to find anything significant market developments worth noting so far today. I still favor more downside in US equities but it seems with the slew of big earnings reports coming out over the next week, both bulls & bears alike seem to be content to stand aside for now to see how the market reacts over the next week, including the follow-up reaction to AAPL's post-market earnings release & conference call on Monday. At this time I still favor more downside in US equities although barring some big catalyst, it doesn't appear that my 100 price target on the Q's is likely to be hit on or before this Thursday, as originally expected. My best guess is that although we are likely to see some choppy price action during the remainder of the week, the real selling might have to wait until next week, especially if the market isn't satisfied with AAPL's results.

2015-04-21T13:06:20+00:00Apr 21, 2015 1:06pm|Categories: Gold & Commodities|Tags: , , , , , |Comments Off on GDX Poised to Breakout