Clicky

US Equities, Gold Continue to Grind Within a Trading Range

US stocks continue to grind around aimlessly within the trading range (shaded area) they have been stuck in for over 2 months now. Still favoring a downside break from the range although swing trading will continue to be difficult until we get a definitive breakout in either direction (up or down).

QQQ 60-minute Dec 28th

QQQ 60-minute Dec 28th

After breaking below the mid-Nov to Mid-Dec ascending price channel, GDX reversed off the key 13.30 support level and has been climbing within a smaller ascending price channel since. Currently, GDX is backtesting a minor downtrend line that it took out on Dec 23rd while also trading at the bottom of the current ascending channel (dual support).

GDX 60-minute Dec 28th

GDX 60-minute Dec 28th

Similar to U.S. equities, gold has grinded around within a trading range over the last couple of months although my expectation is for an upside break of the trading range in gold/GLD.

GLD 60-minute Dec 28th

GLD 60-minute Dec 28th

1+
Dec 28, 2015 11:29am|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , , , , |Comments Off on US Equities, Gold Continue to Grind Within a Trading Range