This chart shows the downward in the Market Vectors Gold Miners ETF . Notice how the latest rally tried and failed to push above it.
Next is the in place since late November as GDX clung to the 200-day ( ). That pattern is starting to look like a , with the potential for a breakdown if the late-December lows give way.
Third, notice how the 50-day just slid below the 200-day . That’s a “death cross” pattern.
Even more things are happening off the chart than on it. After all, the U.S. dollar feel steadily in November and December. Gold’s inability to rally with that favorable backdrop is potentially .
Next, the greenback is showing signs of bottoming. If it were to keep bouncing, that could also hurt gold .
Finally, Bitcoin doubled in price between December 15 and January 8 as GDX did nothing. BTC’s , combined with the drumbeat of institutional adoption, suggests a real sea change is taking place before our eyes. The next few months could be important in the history of money!
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