Gold At Support With US Dollar Breaking Out

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 [...]

May 3, 2017 4:01pm|Categories: Gold & Commodities|Tags: , , , |3 Comments

GLD & GDX Analysis

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 & [...]

Apr 12, 2017 10:12am|Categories: Gold & Commodities|Tags: , , , |1 Comment

GLD Poised To Open On Trendline Support + GDX Update

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 [...]

Feb 21, 2017 9:28am|Categories: Gold & Commodities|Tags: , , , |Comments Off on GLD Poised To Open On Trendline Support + GDX Update

GLD & GDX Technical Analysis

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 [...]

Feb 17, 2017 12:07pm|Categories: Forex (Currencies), Gold & Commodities|Tags: , , , , , , |5 Comments