For we gold bugs in the NFTRH sphere, let's have a specific update on a subject that is hitting my inbox a lately; a potential buy area for the miners.…
I guess it came down to a 'who am I to argue with success?' kind of question. There was yet another profitable round trip shorting the miners staring me in…
As noted to subscribers I initiated miner bear DUST a few weeks ago and even added to it after it got crushed on the FOMC rollover (talk about a day…
Here is another 'day trader' chart (hourly) of GDX showing the lower (Jan. 5) gap being filled (ref. Jan. 9 post using a 5 min. chart). So that gap is…
Believe me gold stock sports fans, you'd rather have GDX drop to quickly to fill the opening gap than to quickly get too pumpy too soon after Friday's smack down. …
Last week we had a couple looks at the GDX daily situation, first quieting the hype about the "superb" GDX and its "bull wedge in play" and then updating its…
We have been noting that it is a bounce within a downtrend for the precious metals. In subscriber updates I've gone into detail on the parameters, and publicly we noted…
I'll not name the source because I have found that being a gold sector curmudgeon, frequently poking the gold "community" in the eye is a thankless and unrewarding vocation. If…
A brief daily chart update for the precious metals. Let's be aware that today is FOMC Minutes day, so markets may get some whipsaw. GLD is still fine at or…
Using the GDX and GDXJ daily charts, I thought I’d show some previous examples of bull flags so that now we can note potential bear flags. This is of course all speculation because a pattern isn’t activated until it resolves, but for reference here is an update from June 28 in which we noted several potential bull flags, which went on to resolve as expected.
A technical update using daily charts for those micro managing the daily moves and shorter-term trends. Fundamentally, I like that the stock market and crude oil have reversed downward today, but one in-day reversal there does not change recent fundamental discussion just yet. But it is reflective of what would need to be happening on a sustained basis for me to get aggressively bullish the gold sector.
GDX has hit the first level of support we had defined as the 50 day moving averages. This after the breakdown from the daily bear flags we noted a couple days ago. The next support, should the correction go deeper, is the 50% Fib retrace, gap fill and lateral support cluster at 19-20. These are the straight up daily technicals with no fundamental discussion clouding the issue.
Using the ETFs for a real time view…
SLV is filling a gap near 15.50 and tagging the SMA 50. That’s the 1st potential support. Better support is 14.40 (SMA 200) to 14.75 (trend line).
Here we play the short-term technical game again despite the gold sector running against its own fundamentals (i.e. as the ‘inflation trade’, including mining cost input oil, continues higher). At some point this will matter.
But on the other side of the coin are price, momentum and technicals. A Monday open can be a tricky thing, but as of this moment GDX is in a posture to break the most recent consolidation.