GLD is currently poised to open right on this uptrend line which is fairly significant support. While I’m still leaning towards a move down anywhere from 116 to 113, should GLD hold this support & move higher it could burn through the recent negative divergences that are still intact.
GLD 60-min Feb17th close
GDX closed just a hair below its 60-min uptrend line on Friday but it was far from an impulsive/convincing breakdown & more importantly, GLD is still in a confirmed uptrend & looks to be testing its comparable 60-minute uptrend line this morning.
GDX 60-min Feb17th close