We cited the bullish potential in gold prices late last year. This played out as expected, but there hasn’t been any follow-through. Now some bearish patterns are taking hold.
This chart shows the downward trend line in the Market Vectors Gold Miners ETF. Notice how the latest rally tried and failed to push above it.
Next is the rising channel in place since...
... for a .42/contract credit.
Notes: I have a smidge of SLV and GLD on, but didn't want to add to my GLD due to its crappy 30-day, and SLV drives me nuts somewhat with its lack of strike to strike granularity, so hitting the miners with a small position with a 30-day at 43.9% and its expiry-specific at 42.7%. 1.29% ROC at max; 10.5% annualized.
Since the last posting there was one more drop of the to close one of those "nasty" gaps that Mr.(or Ms) Chart seems to hate to leave open. Would not be surprised to see rise from here. Process your way. For target see previous post with link below . Take care.
A month ago, the GDX gapped up above the 55EMA to break a downtrending cycle. But it was not sustainable, as previously observed.
This week saw the concomitant plummet, alongside Gold, which closed the previous Gap Up with a Gap Down, bringing the week closure below the 55EMA. This is a failed breakout.
Technicals support this bearish turn of events, with the...
Please see Chart... recent minor failures hint of bearish tones, and technicals are crossing down.
Overall, the equity markets are pushing higher on air and expecting a serious pullback soon, after a surprise trigger.
Gold prices are not moving despite USD weakening... this is bad for Gold, and Gold Miners particularly.
Once the USD jumps, and Gold drops, then...
GDX... one of my favouorites, but now is in a major retracement.
Again, three out of four factors are not favourable:
1. USD rising
2. Gold bearish
3. Equities Bearish (or soon to be)
Only Low Interest Rates are favourable.
The weekly chart has a GAP DOWN (ignore the BRB Buy signal for now), and it closed below the weekly 55EMA, which is a significant...
Strong short-term support level broken on Friday, indicating that further possible downside ahead. Should Friday’s break not turn out to be a false break, could see GDX test previous support level at $32.20.
We also saw the short-term 8-day Moving Average (EMA) break below the longer-term 200-day EMA, which is a clear indication that it might just get a bit...
During the last three-month trading period, the VanEck Vectors Gold Miners ETF (GDX) has generated net inflows of 731.35 million. More importantly, we can see that the greatest selling pressures emerged after the Pfizer vaccine news was released on November 9th.
This suggests that the market is simply undergoing a temporary reaction to a news event and that...
RSI above 50, MACD still with a positive upward slope, as well as a rising histogram. Runaway gap from Yesterday made with a big volume spike and wasn't tested nor covered. An eventual test of the gap would be an additional bullish confirmation, but depending on gold's price that may be skipped.
Fib hasn't been touched again. Maybe a double tap!.
-Gap at 50 fib $30.56? I doubt it...
-maybe in insolvency crisis/big market poopy times
-OR the flightless turkeys in this ETF pull down the falcons.
-watch indicators, mainly rsi and macd, after a divergence they tend to move with the candles