The candles are GLD, and are compared against the orange line, GDX. As you can see, gdx has been a leading indicator for gld/gold all year, and a pretty large divergence is starting to play out between them again. It would not surprise me to see a pullback in gold, especially since we just butted up against the long term downtrend line in the past few days. Short term I see a pullback, but long term I am still very bullish on the metals! Let me know what you guys think!
Best,
Joe
Best,
Joe