GDX was up 1.43% clinging to horizontal support near 21 on a weekly basis. GDX has a downward bias on the daily and the weekly. GDX on a monthly basis looks like its topping out.
It better do something soon.
Interesting take Tbone. My view differs rather shaarply on each of these timeframes, so I’ll spell out my perspective. Dailies are topping out, but no pullback signal YET. Weeklies found support, and a shaky bounce is underway. What happens next determines whether the IT trend has reversed. Monthlies are BOTTOMING, but nothing has confirmed (some of my monthlies are hinting on the silver side). HOWEVER, I take Byrne’s analysis seriously (relief rally), as there are FEW hints of a LT bottom on too many producing miners traded in Toronto. Yes, there are a couple of “trees” that look promising. But the forest is another matter.
GDX was up 1.43% clinging to horizontal support near 21 on a weekly basis. GDX has a downward bias on the daily and the weekly. GDX on a monthly basis looks like its topping out.
It better do something soon.
Interesting take Tbone. My view differs rather shaarply on each of these timeframes, so I’ll spell out my perspective. Dailies are topping out, but no pullback signal YET. Weeklies found support, and a shaky bounce is underway. What happens next determines whether the IT trend has reversed. Monthlies are BOTTOMING, but nothing has confirmed (some of my monthlies are hinting on the silver side). HOWEVER, I take Byrne’s analysis seriously (relief rally), as there are FEW hints of a LT bottom on too many producing miners traded in Toronto. Yes, there are a couple of “trees” that look promising. But the forest is another matter.