Loading ...GDX Assessment Near Term
As usual, the markets like to close Friday with a lack of clarity. Looking at the hourly GDX, there was a nice breakout of the base followed by what looked like a backtest. But prices are now very close to the breakout point and you can even argue that the breakout failed and seems to have morphed into resistance. Is it just a deep backtest or is the top in and resistance is still in control? We will know Monday……….
Updated annotations to make more clear what I’m seeing.
More clues………..?
and the GDXJ………………
Mark, a thoughtful and balanced perspective.
Always appreciated.
Also, note GDX is resting right on top of the 50 EMA. Has been bouncing off the 50 EMA past 5 hours. NUGT 60 stoch is in buy zone and the TSI 747 just had a bull cross EOD.
My bets are bearish here but it’s no slam dunk. The weekly chart definitely tells you where to place a stop. Next week should be interesting with some shakeout moves both ways I’m sure.