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This looks like a major breakout if it doesn't reverse very quickly, and certainly worth taking note of.
Advantage of GDX is XAU is EOD but it looks like the same message on thisdaily version of Matt's 60 min chart -- bearish for gold and miners
Usually when the metal leads it's bearish for both the shares and the metal. Typically the shares lead, but obviously they've been lagging badly.
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Gold:HUI Ratio breakout
Posted by puma on 3rd of May 2011 at 12:16 pm
This looks like a major breakout if it doesn't reverse very quickly, and certainly worth taking note of.
Advantage of GDX is XAU
Posted by bkout3 on 3rd of May 2011 at 12:33 pm
Advantage of GDX is XAU is EOD but it looks like the same message on thisdaily version of Matt's 60 min chart -- bearish for gold and miners
Or reverse the ratio and it's a miner's breakdown to note?
Posted by lessarda on 3rd of May 2011 at 12:24 pm
Usually when the metal leads
Posted by puma on 3rd of May 2011 at 12:34 pm
Usually when the metal leads it's bearish for both the shares and the metal. Typically the shares lead, but obviously they've been lagging badly.
At this juncture I would tend to read the lag as bearish for both near term.
Posted by lessarda on 3rd of May 2011 at 12:37 pm