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.
GDXJ (Junior Gold Miners ETF) is at the top of this support zone with potential bullish divergences & oversold readings that typically accompany major bottoms. GDXJ daily Dec 15th
GDX (gold miners ETF) ran smack into major downtrend line resistance on the heels of a very extended run. My expectation is for at least one more thrust down back inside the wedge pattern before any lasting breakout. GDX 2-day 4-yr Feb 4th GDXJ (Junior Gold Miners ETF) is at downtrend line (and horizontal) resistance along with SIL (Silver Miners ETF). My Expectation is for at least one more thrust down inside the wedge or at best, a brief breakout, followed by a backtest of the wedge, before a move up towards the 24.50 target area. (note: yellow arrows [...]
The Long Trade Ideas on the site, including all sub-categories (Long Setups, Active Trades, Long-term Trades and Growth & Income Trades) have been updated. The following Long Trade ideas (i.e.- typical swing trades) have either exceeded their suggested stop (or any reasonable stop, if none suggested) or simply no longer look compelling from a R/R perspective. MM, ZINC, AVL, AXU, JO, EC, GDXJ, GDX*, GLD*, SLV*, SGG & REMX *GLD, SLV & GDX were removed from the Active Trades category as their previous price targets were hit. They remain as Active Long-term Trades at this time with updates to follow soon. [...]
UUP ($USD Index etf) has now hit the minimum downside swing target first posted back on March 10th (the short-term target was hit yesterday with the difference between the two explained in yesterday's UUP update). UUP daily April 29th What this means is that the odds for a reaction (bounce and/or consolidation) on this initial tag of that primary uptrend line are quite elevated at this time. Also note that the RSI 14 on the daily time frame is approaching oversold levels which have typically preceded short or intermediate trend reversals in the past. While I wouldn't be surprised [...]
Exactly 2 weeks after the last update on the 60-minute chart of UUP (US Dollar Index etf), my initial short-term target has been hit with the $USD moving sharply lower since then. My minimum final downside target, which was first posted in the March 10th Correction In The Dollar Imminent post remains the primary uptrend line on $USD/UUP, which at this point is only about 1% below current levels. While a brief reaction (i.e.- bounce and/or consolidation) here is somewhat likely, I favor a move to my primary downside target (daily uptrend line) in the coming days. That previous 60 minute UUP [...]
GDXJ daily April 23rd GDXJ (Junior Gold Miners ETF) will trigger a long entry on any move above 25.31 (blue horizontal line). This would be a breakout of the ascending triangle pattern defined by the blue horizontal resistance line and the dashed blue uptrend line off of the March lows in GDXJ. A break above the descending triangle pattern will also take GDXJ above this downtrend line, further validating the breakout.The sole profit target at this time is T1 at 24.49. Suggested stop below 23.75. click here to view the live, annotated chart of GDXJ