I believe that all the information on the chart points to a big rally in Gold Miners. Gold price doesn't tell me anything right now, I've got whipsawed a few times on it, so whenever I don't see anything new, I keep my previous bias, which is bullish, as you can see in the related chart. GDX, on the other hand, has a much better picture. Everything here points upward. Classic price formation (inverted H&S), massive bullish divergences on all 4 oscillators, Volume converging with price, and massive volume increase last year which points to accumulation. All of this, very close to the all time bottom of this ETF. Majorly bullish!
I see no information for the coming days/ couple of weeks, but I see a longer term rally coming.
Comments
Ansari
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hi,Your chart was useful for me ,I agree with you,
Many Thanks
Many Thanks