CommoditiesTrader

Gold Miners Could Pullback Before Resumption of Trend.

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
Gold             prices have been volatile, flucuating between $1,275 and $1,220 as markets remain indecisive on what stance to take: is the Federal Reserve going to continue hiking assuming the economy will "gradually improve," or with traders continue to look for safer locations to place there cash?

According to recent capital flow data, the GLD             has seen redemption as market participants choose to overlook the weakening global economy and its implications. Nevertheless, with inflows into risk ETFs like SPY             and HYG             , gold             miners could see their shares pull back from this historic gold             run.

Technically, after GDX             broke out of a longer-term downtrend, price action began to oscillate within a narrow ascending channel . Prices are likely to pullback to channel and price action support of $19.80, while a confirmed break (or daily close below support), miners could fall to $18.85 and, potentially, $17.85 - also nearing the 50-day EMA .

However, if the popular mining ETFs can remain above support, price action could challenge $21.88 and $23.03.

Overall price action and trend momentum still remain rather supportive to the upside.

Please feel free to comment and share charts! And follow me @Lemieux_26

Check my posts out at:
http://bullion.directory/about-bullion-directory/christopher-lemieux/
http://www.investing.com/members/200193197
http://www.teachingcurrencytrading.com
http://oilpro.com/chrislemieux
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out