GDX regained 10 day MA and broke the pink resistance (significant). Note that 10 day MA wants to go upward.
It not only went back into the uptrend channel, but also closed above 10 day MA. RSI rising channel is now formed. Will buy if 10 day MA holds with decent volume on Tuesday.
Some damage done today (Swiss gold vote news, Fed, etc.) but not broken yet. bad: . fell back into channel instead of bouncing up. . RSI support broke (tiny bit). good: . channel is up . red support not hit yet. . channel support not hit yet. . price still well above 10 day MA. . 10 day MA is still pointing up. . MACD and Stoch in good shape when to sell: ....
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
This chart demonstrated similar technical settings between 2008 and 2014 regarding GDX and DXY price levels. Wild card is if the dollar index can go even higher or it is approaching its top.
Long candidate. Past several sessions are encouraging. Waiting: 1. red resistance breaks out 2. a close above 10 DMA 3. 10 DMA turning positive 4. positive MACD reading 5. RSI breaking out and a confirmation of directional change. 6. Stoch closing above 20.
GDX, the miners have been hit hard, at some point there is a reverse. I see the trend lines as support for a possible reverse higher.
Looks pretty strong as several resistances are cleared now. I think it is a go if it closes above the pink line today. Also note that the 10 DMA is turning up now.
Very promising! Waiting for it to get out of the triangle (to the up side) and 10 DMA to turn up!
$26 appears to be doable. Note the double bottoms, rising RSI channel, and the up-slope 40 weeks MA. Also note the dollar index is near double resistance.
A good day for GDX. Waiting for bottom retest for confirmation....
The chart shows how GDX, when diverges from Gold commodity prices, moved back in line causing Index to outperform. Currently we are in such divergence.
Potential triple bottoms (we will know if this is true in the coming days). RSI in oversold territory. If pinks resistance is broken (if ever), a short term trend reversal may be at hand.
Yesterday, Newmont Mining Corp (NYSE:NEM) filled an important gap on the charts, and came into an important trend line of support. As of late gold prices have been falling dramatically, dragging miners down with it. However, the metal as well as many of the leading miners, including Newmont Mining Corp (NYSE:NEM) are starting to set up for possible short term...
XAUUSD (GOLD) looks to be headed lower. I see nothing to change my opinion to $1200 gold. I agree there is a possible support point at $1240. We are very close now and gold could bounce. We are still in a downtrend lower highs and lows. You can see the AB=CD pattern (red) from March. Confimring a triple bottom to come at $1200. The $1200 target will also be the...