Charts of less than a daily time frame are more for day traders than investors. But given the mature rally in the gold stock sector I’d like to dial in the up-close view of GDX and GDXJ for any signs of initial weakness from a day trader’s view. Here are 15 minute charts with their parameters (investors would probably do well to ignore, because 15 minute charts are noisy).
GDX would do well to fill the noted gap in the 41.70 area. A caution point on the rally’s short-term trend would be a lower low below 40.96 and then a drop below 40.52, which is a daily chart’s EMA 20. Meanwhile, at this point GDX is doing something normal in testing S/T support and looking to fill a gap.
GDXJ is doing something similar. Here the keys after a gap fill would be to hold 58.04 and/or a daily chart’s EMA 20 at 56.80.