This test of the 5/2 highs (or any relatively minor break above) in GLD (gold ETF) marks (or will mark) the 2nd consecutive divergence high, or double negative divergence in GLD unless prices breakout & continue much higher. I’ll be watching the price action closely in the next few sessions to see if gold can breakout & burn through these divergences by continuing higher (thereby putting in higher highs in the RSI & MACD) or whether GLD prices fail here on the test of the May 2nd highs or on any minor breakout above as that might offer an objective short entry on GLD and/or GDX.
GLD daily June 15th
Still awaiting a bearish crossover on the MACD to confirm these back-to-back negative divergences on GDX & another correction in the mining stocks.
GDX daily June 15th