For you gold stock sports fans, per 15 minute charts… GDX and GDXJ are each filling the opening gap up. This is no comment about micromanaging a resumed rally (nothing has changed per the previous update) other than the miners generally bounced post-FOMC from the 50 day averages, as we allowed for, even anticipated. But it is a comment that should rally continuation be in … Continue reading NFTRH+; Gap fills
Using fresh, un-marked charts for simplicity… It’s right on cue, pre-FOMC. HUI is testing the 50 day average as expected. I make no remarks about bullish or bearish or the would-be bullish Inverted H&S that may be forming, but I do note that Huey is doing what we’d asked of it. It is better for the gold stocks to be bowing before the great and … Continue reading NFTRH+; Gold stocks, pre-FOMC
[w/ corrective edit] Daily and weekly charts of the two gold stock ETFs. GDX daily kissed the SMA 50 and SMA 200 goodbye and then kissed the neckline to a gross looking pattern goodbye. It is getting short-term oversold and a bounce could come at any time. If so, I’d look to the 30+ area [33+] as an objective. Beyond that it’s still a very … Continue reading NFTRH+; GDX & GDXJ [w/ edit to correct an important typo]
The daily chart of GDX continues to be locked in the correction’s downtrend channel after holding the (green dotted) neckline. Below both the down-sloped SMA 50 and up-sloped SMA 200 (major trend) it has not proven anything yet with respect to ending the correction. Step 1: Take out the SMA 50 (blue). Step 2: Take out the SMA 200 and the upper channel line. Do … Continue reading NFTRH+; GDX & GDXJ Daily Chart Status
In yesterday’s update we noted that the HUI index and the ETFs were still in corrective consolidation. After a gap up this morning, that remains the case as they have pulled back. From that update: The gold stock sector remains in corrective consolidation, despite the big bounce today. Overbought readings have been worked off and it could break out of consolidation from here or it … Continue reading NFTRH+; Gold Miners In-day View
Despite the big up day, HUI (daily) remains in consolidation. GDX (daily) remains in consolidation. GDXJ (daily) remains in consolidation. Captain Obvious’s bottom Line The gold stock sector remains in corrective consolidation, despite the big bounce today. Overbought readings have been worked off and it could break out of consolidation from here or it could drop and fail the SMA 50. Regardless, it has already … Continue reading NFTRH+; Gold Miners’ Short-term Technical Status
A little in-day micromanagement for your viewing pleasure. The correction grinds on and folks, the miners have needed this, a running of the bugs. HUI dinged the 375 target and a reaction from that level was logical (as one look at the monthly chart resistance target indicates). The correction is not over yet but on the plus side HUI and GDX have filled their daily … Continue reading NFTRH+; Some Gold Stock Technical Micromanagement
In-day micromanagement… GDX 15 minute gapped up to fill the upside gap from last week and promptly dropped again to fill the opening gap. Where does it go from here? I have no clue on the short-term. GDXJ did the same thing. I am leaning toward adding a DUST position for very short-term partial hedging of gold miners until this chooses its direction. That is … Continue reading NFTRH+; GDX & GDXJ 15 min. Charts: Which Gap Fill to Believe?
[edit] A chart was uploaded to the Trade Log Notes showing the GDX gap filled already. From a subscriber just now… Gary – Hate to ask it, but could you provide a micro-managed / intra-daily view on GDX? Here is GDX 15 min. It held the support zone from the last time we viewed it on Monday and blasted upward. A new gap was left … Continue reading NFTRH+; GDX & GDXJ 15 min. Charts by Request
A subscriber asked how far I thought GDX and GDXJ might pull back. Well, assuming a pullback continues after yesterday’s gap fills I’ve marked up the short-term support levels at 39 (which would fill another gap) and 37, which is clear support. I am keeping a completely open mind about the sector because if the macro does go negative, gold stock fundamentals will be back … Continue reading NFTRH+; Short-term Support Parameters for GDX & GDXJ
Yesterday GDX broke upward above resistance and filled a gap down from May. It must now use that former resistance as support in order to keep the most comfortable scenario in play. Otherwise the next test would be the EMA 20 and SMA 50, both of which are rising. GDXJ is similar, as the most comfortable scenario would be to hold former short-term resistance as … Continue reading NFTRH+; GDX & GDXJ Daily Chart Status
GDX is threatening to break the pattern today. It has taken out the trend line and a clear of point 2 could set it on its way. We’ve been noting the relatively better standing of GDXJ (to GDX) and today it is clearly making the move that would indicate another leg up. Now, it’s only 20 minutes into a new week and we can’t discount … Continue reading NFTRH+; GDX & GDXJ
Nice, the miners are going green after a tough start. But GDX has not taken back the SMA 50, which it lost this morning after dumping out of a bear flag and a lousy looking pattern. I’ll be amenable to a bullish view (and indeed I added NGD, SAND and have thus far unsuccessfully been trying to fish for some MAI.V/MAIFF) if GDX takes back … Continue reading NFTRH+; Some Micromanagement on GDX & GDXJ (Daily Charts)
The longer the correction has gone on the more it has moved from the look of a minor topping pattern to a potential consolidation pattern, with the overbought readings addressed through both price and time. Personally, I feel well corrected even though I have retained the majority of profits. That is because of the time element and the mental grind of hedging, balancing and analyzing … Continue reading NFTRH; Gold Stock Correction Update
