AMEX:GDX   VANECK VECTORS GOLD MINERS ETF
gdx
211 8 4
gdx
Another "wow" day.

. Made a higher high
. closed above red resistance, well above 10 day MA.
. 10 day MA is pointing up
. Stoch > 50
. MACD > 0
. RSI uptrend channel formed
. Price uptrend channel formed
2use
2 years ago
You forgot to add DAT VOLUME!
Reply
CosmicDust 2use
2 years ago
Yes, volume for the past two weeks are the highest in its history, all closed the week strongly.
+1 Reply
2use CosmicDust
2 years ago
After further looking into it, it just screams a no brainer buy. Low marked on weekly and daily, Bounced off on highest historical volume of a 2008 low range. Markets are overvalued and had a huge runup for years. I even read an article that Russia increased its gold accumulation by 25%. Something is cooking
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CosmicDust 2use
2 years ago
Agree. Monthly chart is not that strongly yet. I think it is good keep that in mind. Good luck!
+1 Reply
2use CosmicDust
2 years ago
why? monthly looks low for me. Bounced off a multiyear low. Midst a market rally. There is a clear channel on weekly that has a 30% upside to the resistance. Note one more thing - on monthly, weekly price made lower low, but on several indicators its a higher low. So ill add divergences to that. I actually want to thank you for the chart - it lead to a series of events that made me find 2 funds where one is 1 day late of the other - so i can work with them with some heads up :) Ill be posting a chart soon based on your chart :)
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CosmicDust 2use
2 years ago
Here is the monthly chart, 10 month moving average is still pointing downward, meaning long term trend still needs to improve. I understand this may not apply for very short term trade. I would expect some resistance there if it can reach that level.
snapshot
+1 Reply
2use CosmicDust
2 years ago
well we still have half of November. And If we go higher it may even out. I wonder about MACD - it reaches to cross below, but now gold would basically slump. We had buyers on the 2008 level. It had to be a strong level, but i would wonder how much pressure is from top to drive the price past that level. The highest volume so far indicates a possible bottom. Month is not over so it is going to be even higher - but in the short term even getting back up to the resistance is a ~30% run.
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CosmicDust 2use
2 years ago
All good points. Yes, I also think the chance it can work out is pretty high. Hopefully this is a great month. Nov. 30 is Swiss gold vote and it can move the market either way, potentially big.
+1 Reply
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