If BPGDM breaks lower, look out below.
Are the miners in a bullish wedge (next step: up), or a bearish descending triangle (next step: down)?
Have to wait and follow price. Waiting is killing me.
But the weekly chart suggests to me that the bottom is near.
The monthly chart of GDX does not suggest a bottom is near.
Oh I don’t know. I could make a case for a bottom forming here.
Another look with the XAU. Right at the 2000 bottom.
The indicators say otherwise.
ADX is bearish
Price is below 10 month MA
MA is down sloping
Lower lows and lower highs.
In a nutshell – overnight draw-down in gold, miners looked like a normal correction to me after hitting resistance the night before. HUI’s technical has not change a bit, but, expect a decisive move either way pretty soon…
Nikkei225 just broken down and so expect JPY to romp higher soon? Weak Nikkei = Strong JPY = Weak USD = Strong Gold…
Aren’t we a little late in the cycle to expect the miners to have a significant move higher here? More likely, cycle wise to go lower. IMHO
Today, miner price is up, and gold is down, it is clearly shown the bottom is in place. Almost two months consolidation, gold and gold miner price wiii surge soon. I believe GDX will reach $18-19 in a month, if it is just a rally, not a bull revesal.
Look a good entry in the gold market on the following site:
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