InTheMoney Stocks

GDX and GLD Resistance Ahead Of FOMC Meeting

AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
176 4 0
This morning, everything gold             is trading higher on the trading session. The popular SPDR Gold Shares             ( GLD             ) are trading higher by 0.64 cents to $131.13 a share. Meanwhile, the Market Vectors Gold Miners ETF             ( GDX             ) is trading higher by 0.39 cents to $26.71 a share. These moves in gold             and the gold             mining stocks are taking place ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting which starts tomorrow. The central bank is holding a two day meeting which will conclude on Wednesday afternoon. The move in gold             is telling us that the Federal Reserve will likely leave its current $85 billion a month quantitative easing program unchanged. Since April             2013             the Federal Reserve has hinted about a cut in the easy money program, but has never once cut the program.

Day traders should watch for intra-day resistance on the GLD             around the $131.75 level. The GDX             should have some intra-day resistance around the $27.00 area. Traders should also watch the USD/JPY             chart very closely as gold             will usually trade inverse to that currency pair.

Nicholas Santiago
http://www.InTheMoneyStocks.com
BM, the price action is looking more like minor bearish consolidation right now. Not a flag yet, however. Dunster, thanks for the comment. Nice to see you here as well! Cheers
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WallStScalper PRO InTheMoney Stocks
Hi Nick! With to days price action... I guess we're in sync now. I see a countable 5 waves structure down making a long legged doji - to at least a short term support (You have used a 15 min chart) area with a possible bounce up tomorrow.
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Price action looks like a bear flag is being build
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That's great to see you here Nick, I was trained by you and Gareth. They even have a Bitcoin chart here.
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