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.
Sector analysis gold & the precious metals mining stocks via GLD & GDX followed by analysis of the energy sector (XLE), Biotechs (XBI) & retail sector (XRT).