GDX - Chart Link - here's a daily chart,
nice bounce the last 3 days, however price is still a bit away from
the trendline. The GDX/GLD ratio is currently testing the
downtrend line, which has not been broken yet.
One thing for the bulls to watch for is a pullback to form a
higher low, perhaps set up a RS of an inverse H&S pattern as
shown by the chart.
Posted by mdschapiro on 18th of May 2012 at 02:00 pm
If it forms that inverse H&S it would target the big
declining multimonth trendline at around $48/47.-.
Dollar should decline or ease over the next 2 weeks (trading
cycle) helping gold and gold stocks. It may turn out to be a great
shorting opportunity if it gets there.
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GDX daily
Posted by matt on 18th of May 2012 at 01:44 pm
GDX - Chart Link - here's a daily chart, nice bounce the last 3 days, however price is still a bit away from the trendline. The GDX/GLD ratio is currently testing the downtrend line, which has not been broken yet.
One thing for the bulls to watch for is a pullback to form a higher low, perhaps set up a RS of an inverse H&S pattern as shown by the chart.
If it forms that inverse
Posted by mdschapiro on 18th of May 2012 at 02:00 pm
If it forms that inverse H&S it would target the big declining multimonth trendline at around $48/47.-.
Dollar should decline or ease over the next 2 weeks (trading cycle) helping gold and gold stocks. It may turn out to be a great shorting opportunity if it gets there.