A follow-up to the 60-minute charts of gold, crude oil, natural gas & the US equity indices covered shortly before the market opened today. Also covered are the charts of GDX & GDXJ (junior gold miners ETF) with some recent technical developments & price targets.
Gold futures (/GC) have broken down below the minor uptrend line posted in the trading room last night (first chart below) & still appear poised for at least a 1-2% pullback to the 1308 & quite likely the 1300 area. GDX (gold miners ETF) has now taken out the aforementioned 23.38 support following [...]
The odds for a reversal in gold continue to build as $GOLD (continuous futures contracts, 6+ year daily chart below) has recently crossed above the 70 level on the RSI. The red boxes highlight a fairly simply but consistent pattern of intermediate tops & bottoms in gold when the RSI crosses above or below the [...]
GDX (gold miners ETF) has now broken down below the 60-minute trendline that was posted earlier with impulsive selling confirming the breakdown. GDX is now testing the 23.38 support level with an imminent breakdown of that level likely. First target zone remains 23.00-23.12 with the possibility of a continued move down to the 22.23-22.32 area [...]
GDX (gold miners ETF) appears poised for a pullback with a sell signal to come on a break below this uptrend line & the 23.35ish level. The most likely target is the support zone that runs from about 23.00 to 23.12 with the possibility of a deeper correction back down to the 22.23-22.32 area. 60-minute [...]
Several swing trade & potential investment ideas that stand out at this time including gold, natural gas, select commodities & stocks. An update on the broad markets via the Nasdaq 100 (QQQ & /NQ emini futures) is also covered at the end of the video.
Technical analysis of gold via GLD, GDX, Platinum (PPLT) and Natural Gas via /NG futures & UGAZ including price targets, support & resistance levels.