I wanted to wait for the close with this idea... Miners doens't look healthy to me . We are printing lower lows and lower highs. This intermediate cycle was a clear downtrend so when we finish this cycle the end will be nasty. I think we will test back at least the december lows in the following 1-1,5 months. Today we were not able to close the gap ... I think gold is just waiting for the dollar to rally and it will fall. Miners will follow gold in this decline.
All the indicators are heading to oversold territory: MACD is crossing over. RSI is heading to oversold SlowStoch is leaving overbought territory too...
And today we lost the both the 10 and 20 EMA.
Comments
Biggles
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Hey @chartwatchers, This looks very much like the chart for ERX, why do you think gold is going down with a chart like this, but oil is going to go up? Not disagreeing, just like to know what you see on ERX :)
LastBattle
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Not yet....
its still speculative for now.
popshvt
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u rawesome
lord_kinbote
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Very frustrating action in miners. 22.50 continues to provide solid support and we had two days close below the 10ema, yet now it appears GDX is trying to reclaim. Hard to get sustained follow through and dollar still can not put in a swing with a close above the 10ema, regardless of good data.
bhsencer
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Hi, any thoughts on JDCT and DUST? thanks
bhowe
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Agree. Although I think miners will start leading gold lower.