GLD 30 minute Feb 13th
This 30 minute chart lists the key support & resistance levels that I’m watching on GLD (gold ETF). If GLD can take out 118.25, a move up to the 119.38 area is likely. If that resistance is cleared, GLD is likely to reach my final near-term target of 120.25 (top of gap + downtrend line resistance).
My expectation is that the mining stocks are likely to track gold/GLD fairly tightly should this scenario play out. Of course, the miners are essentially a leverage play on gold price & so if this holds true, the expected gains in GDX or NUGT would be several times that of the metal.