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Paul Mosgovoy
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Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
  • Market Update: DUST, GDX, GLD 1 comment
    Apr 16, 2014 4:15 PM | about stocks: DUST, GDX, GLD

    The market action in the Market Vectors Gold Miners ETF (NYSEARCA:GDX) continues to inch lower.

    Price action has not broken out to the down-side but it appears to be building a case for that direction.

    In the GDX Daily chart below, we see that yesterday's session forcefully penetrated the trendline at the open and then came back to test at the close.

    (click to enlarge)GDX Daily

    Chart by TeleChart

    Looking at the SPDR Gold Trust ETF (NYSEARCA:GLD), it is still a long way before there is a breakout to new lows. What we do have for this week (with one trading day left) is a potential out-side-down week.

    Last month (March) was a reversal in GLD and now this week, we have a weekly reversal along with establishing a potential trading channel.

    (click to enlarge)GLD Weekly

    Chart by TeleChart

    At this point in time, the case continues to build for a continued down-trend.

    The task now is to monitor price action for any problems in the gold-collapse scenario.

    Disclosure: I am long DUST.

    Stocks: DUST, GDX, GLD
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  • ptTL9
    , contributor
    Comments (273) | Send Message
     
    thank you for update, good luck
    16 Apr 2014, 07:54 PM Reply Like
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