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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.

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Sep 5, 2016 5:33pm|Categories: Completed Trades - Short, Gold & Commodities|Tags: , , , |8 Comments

8 Comments

  1. ben711 September 5, 2016 6:08 pm at 6:08 pm

    Do you see a backtest of the downtrend line on GDX weekly?

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    • snp September 6, 2016 9:20 am at 9:20 am

      the 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).

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  2. rsotc September 5, 2016 6:32 pm at 6:32 pm

    Ben- 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:

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    • dmel September 6, 2016 7:16 am at 7:16 am

      nice overview,Gold will be very important moving forward

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  3. joefriday September 5, 2016 7:41 pm at 7:41 pm

    Thanks Randy… Good summary!

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  4. Ruben September 5, 2016 9:59 pm at 9:59 pm

    Thanks Randy!!!

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  5. lee1 September 6, 2016 1:26 pm at 1:26 pm

    All that negative divergence simply ended up being the catalyst for a huge run higher

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  6. dan123 September 7, 2016 11:31 pm at 11:31 pm

    Thanks Randy, great summary

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