GLD, SLV, SIL, GDX & HL Outlook 9-5-16 (video)The near-term & intermediate-term outlook for gold, silver & the mining sector via GLD, SLV & GDX including an update on the HL active trade.1+Related posts:Gold & Silver Mining Stock Sector Outlook (video) GDX Trade Update GDX Trade Update, Bearish Pennant Breakdown GLD & GDX/DUST/NUGT Trade Update NUGT GDX Bounce Target Hit, Awaiting Next Short Entry Sep 5, 2016 5:33pm|Categories: Completed Trades - Short, Gold & Commodities|Tags: DUST, GDX, HL, NUGT|8 CommentsYou are welcome to share any free content (member restricted content requires registration)FacebookTwitterLinkedinRedditTumblrGoogle+PinterestVkEmail 8 Comments ben711 September 5, 2016 6:08 pm at 6:08 pmDo you see a backtest of the downtrend line on GDX weekly?0 snp September 6, 2016 9:20 am at 9:20 amthe line on Friday could go either way (resistance or support) depending on where it is drawn (wicks or bodies). however, today it is appearing more like support, ie: backtest of support from ABOVE (as I posted last week).0 rsotc September 5, 2016 6:32 pm at 6:32 pmBen- Now that you point it out, yes. I’m surprised that I didn’t catch that earlier, thanks for bringing that up. GDX managed to close the week right back on this long-term downtrend line after moving well below early in the week. Looking at the very overbought/over-extended readings on the weekly PPO & RSI, I wouldn’t be surprised to see additional backtests of this TL at lower levels in the coming weeks, assuming that it holds. Here’s my GDX weekly chart: 0 dmel September 6, 2016 7:16 am at 7:16 amnice overview,Gold will be very important moving forward0 joefriday September 5, 2016 7:41 pm at 7:41 pmThanks Randy… Good summary!0 Ruben September 5, 2016 9:59 pm at 9:59 pmThanks Randy!!!0 lee1 September 6, 2016 1:26 pm at 1:26 pmAll that negative divergence simply ended up being the catalyst for a huge run higher0 dan123 September 7, 2016 11:31 pm at 11:31 pmThanks Randy, great summary0Comments are closed.