GDX

Last week we concluded: As long as the gold stocks continue to hold support for another week or two then the near term outlook is bullish. A bull flag is a consolidation pattern that separates two strong moves. It could be developing in the miners. There is logical reason to be cautious if not bearish … Continue reading

A quick look at the current consolidations in Gold & Gold Stocks. GDX, GDXJ.  

Gold Stocks enjoyed a fabulous, near vertical rebound into March yet were in extreme overbought territory. We and many others called for a correction. In recent weeks those other voices have worried excessively about the alleged bearish construction of the CoT. Although Gold and Silver have essentially consolidated with a little weakness, the gold stocks … Continue reading

Gold and gold stocks finally showed a bit of weakness during the holiday shortened week. Gold had its biggest weekly loss in months, losing 3% to $1217/oz while the miners (GDX, GDXJ) declined about 5%. Silver lost 4%. If weakness in Gold and gold stocks continues then we should turn our attention to technical support … Continue reading

Gold and gold stocks have refused to correct for more than a few days at a time. Weakness is being bought and quickly. Gold has gained over $200/oz but not corrected by more than 6%. The miners (GDX) have endured three roughly 10% corrections in the past six weeks but nothing greater. A few weeks … Continue reading

Two weeks ago, regarding the miners we wrote: If it (GDXJ) surpasses its 80-week moving average then its next target is $27-$28. Meanwhile, GDX is holding above previous resistance at $18. Its next strong resistance targets are $21 and $22. Earlier today GDX and GDXJ came within pennies of $21 and $29 respectively while Gold … Continue reading

Last week we noted that the odds favored more upside in precious metals before a larger correction would begin. While that view remains on track, we want to note the renewed strength in the US Dollar which could provide immediate resistance to higher levels in Gold and gold stocks. The chart below plots the weekly … Continue reading

We discuss the immediate upside targets for Gold and gold stocks (gdx, gdxj).    

Wednesday evening we raised a question in a subscriber update. We wrote: The current question for Gold and gold stocks is if they will push to higher targets before or a correction or if a correction has already started. We should know the answer in the next day or two. The gold stocks exploded higher … Continue reading

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