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 [...]
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.
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 [...]
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 [...]
The near-term outlook for the US stock market via SPY, QQQ & IWM followed by analysis on GLD, GDX, UUP & several trade ideas including GILD, CARA & SMH.