Gold Miners Could Pullback Before Resumption of Trend.

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.

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