Technical analysis on gold, GDX, the US Dollar & the Euro along with both the near-term & longer-term outlook for the precious metal sector. Key technical developments & levels to watch for are also discussed. Video playback speed can be increase using the settings icon in order to reduce playback duration.
The outlook for gold (GLD), silver (SLV), platinum (PPLT), the precious metals stocks (GDX) as well as the US Dollar.
UUP (US Dollar Index ETN) has broken above this downtrend line following a divergent low (bullish). Likely bounce targets are R1 and/or R2 with a possibility of the R3 level being hit before the dollar continues it's larger downtrend that started with the Jan 3rd highs. 60-minute & daily charts: Following the breakdown below the most recent 60-minute bearish rising wedge pattern, GLD has fallen to the 118.35ish support level where I might normally go long for at least a short-term trade. However, it appears that the US dollar may rally in the coming days/weeks so I prefer to [...]
Analysis of gold, GDX (gold mining ETF) and the US Dollar including both the near-term & longer-term outlook. Potential buy points & key support & resistance level are also highlighted.
Member @dpatel asked for my thoughts on GDX in the trading room. Typically, when I go "quiet" on a major asset class, such as gold & the miners, I don't have much of an opinion or good read on the charts. I've also stated that in recent weeks with the last update on GLD & the miners back on March 28th in the GLD, GDX & US Dollar Analysis video. In that video, I highlighted the most likely scenario for GLD which would be a reaction in the form of a minor pullback/consolidation to work off the near-term overbought conditions & [...]
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 [...]
I'm still leaning towards more downside in gold & the mining stocks although my conviction still isn't very strong as as such, GDX is not an official trade idea at this time. A break & close below this secondary uptrend line on this 60-minute chart of GDX in conjunction with a break below the comparable uptrend line on the GLD 60-min chart would likely bring GDX to any or all of these minor support levels. GDX 60-min 2 Feb 17th Looking at the 60-minute chart of GLD below, following the recent divergent high & breakdown below the minor (white [...]