Auguraltrader

GOLD MINERS GDX bearish tones

Short
AMEX:GDX   VANECK VECTORS ETF TRUST
Please see Chart... recent minor failures hint of bearish tones, and technicals are crossing down.

Overall, the equity markets are pushing higher on air and expecting a serious pullback soon, after a surprise trigger.

Gold prices are not moving despite USD weakening... this is bad for Gold , and Gold Miners particularly.
Once the USD jumps, and Gold drops, then the Gold Miners will be in double jeopardy.

I like GDX , but it is reeking of danger right now. I would be very wary IMHO...

Comments

USD and Gold have no correlation. Safe haven all this media small talk etc... those type of comments are non substantiated and diminish the value of your analysis ( that I appreciate) weaker.
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@model421
Thanks... hehe
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BobbySpa Auguraltrader
@Auguraltrader, Also the last couple of weeks are very thin volume and short term traders push things around very easily. For example GDX got hit for 15 minutes today on a light volume push of selling, down 35 cents during that period. Don't read too much into breakout failures. Gold and gold stocks have been correcting for five months now. Not saying they can'r go down because they can especially if the markets get hit. We will know shortly as GDX is in a tight triangle and direction should be clear shortly.
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@BobbySpa,

👍
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