TraderLarry

GDX hourly cautionary upchannel line

BATS:GDX   VANECK VECTORS GOLD MINERS ETF
103 2 0
As GDX             climbs higher with weakness in the dollar and gold             trending higher, it looks to stick close to the "pink" upchannel line. Everyone seems to be buying the uptrend, in hopes of more of the same next week.

I am cautious here as GDX             has a history of meeting resistance and dropping, and NUGT             seems to be played as a long term investment. I do not discount that gold             is uptrending while the dollar weakens, but everyone should be on the edge of their seats as we enter into FOMC talks next week.

Either way it plays out would not be surprise me with this market, but to me a more logical scenario is that the dollar finds support and climbs higher while gold             will peak out and eventually decline, taking GDX             with it.
YenZa
3 years ago
the picture too complicate and unclear
Reply
TraderLarry YenZa
3 years ago
Yes, agreed, sorry about that, should have cleaned up the old data before publishing
Reply
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