the hits just keep on rolling for GDX. It is becoming more
evident in the last couple of hours that this isn't just a matter
of money leaving gold and going into the broad market. Or
maybe it was, but now that the broad market is following suit
(albeit for less than a 1% loss), GDX is accelerating down with the
market. I could easily see a 100 point SPX correction
here.... and I'm not sure what GDX would do in that case.
remember the wave count I showed on the weekend - I think if a
bounce does come, at best it will only be wave B of the complex
pattern for form a lower high, then will sell off again in the
summer.
The 2nd chart shows the commercial net short - it will be fun to
see what that number is this week! However the problem is
that this number will only reflect Tuesday's closing prices and
won't reflect today's move since the COT data is delayed by 3
days.
the third chart shows the monthly chart of gold with the long
term trendlines - as you my thought has been that we would
eventually test at least one of these uptrend lines - also watch
that 14 RSI and the 50% level, that has been super important for
gold since 2001
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Gold 300?
GDX RSI 2 quite oversold now
Posted by zwyss on 20th of Feb 2013 at 02:30 pm
Can it get more negative than now? Too much gold bashing imho. Wouldn't be surprised to see a turn here....
the hits just keep on
Posted by kalinm on 20th of Feb 2013 at 02:56 pm
the hits just keep on rolling for GDX. It is becoming more evident in the last couple of hours that this isn't just a matter of money leaving gold and going into the broad market. Or maybe it was, but now that the broad market is following suit (albeit for less than a 1% loss), GDX is accelerating down with the market. I could easily see a 100 point SPX correction here.... and I'm not sure what GDX would do in that case.
remember the wave count I
Posted by matt on 20th of Feb 2013 at 02:51 pm
remember the wave count I showed on the weekend - I think if a bounce does come, at best it will only be wave B of the complex pattern for form a lower high, then will sell off again in the summer.
The 2nd chart shows the commercial net short - it will be fun to see what that number is this week! However the problem is that this number will only reflect Tuesday's closing prices and won't reflect today's move since the COT data is delayed by 3 days.
the third chart shows the monthly chart of gold with the long term trendlines - as you my thought has been that we would eventually test at least one of these uptrend lines - also watch that 14 RSI and the 50% level, that has been super important for gold since 2001