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Paul Mosgovoy
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  • Gold: At A Pivot Point 4 comments
    Jul 1, 2014 5:30 PM | about stocks: GDX

    The chart of the Market Vectors Daily Gold Miner ETF (NYSEARCA:GDX) below shows that the index is at an inflection point.

    (click to enlarge)GDX Daily Chart

    Chart by TeleChart

    There was an attempted breakout higher during today's session that did not hold.

    Price action has declined back into the wedge pattern that has been discussed at length in these updates.

    Gold, along with the rest of the market (and now bonds as well) may be in the process of trapping the bulls.

    If this analysis is incorrect, it may be fairly straightforward to tell. Price action will negate today's reversal and continue higher.

    Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: Gold, TZA Stocks: GDX
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Comments (4)
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  • zaw77
    , contributor
    Comments (44) | Send Message
     
    Paul, what do you think from technical prospectiv about Gold after todays reaction re Jobs report? I went short small eod in $DUST.
    3 Jul, 02:43 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (113) | Send Message
     
    Author’s reply » Chris,

     

    Just published GDX analysis.

     

    Regards,

     

    Paul
    4 Jul, 12:04 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (113) | Send Message
     
    Author’s reply » Thanks for the question,

     

    When I wrote that update three days ago, there was a reversal bar with good volume. That was the point where the GDX might start lower if the wedge pattern was going to hold.

     

    Now, the GDX is bouncing around the top of that trend-line. That makes me think that there is some more up-side to come.

     

    It looks like the GDX may get all the way back up to 28.

     

    I am not short (long DUST) at this time........just waiting and watching.

     

    The GDX could open a little lower around 26 on Monday to test the reversal from today before going higher.

     

    Paul
    3 Jul, 04:18 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (113) | Send Message
     
    Author’s reply » Chris,

     

    I am going to look at GDX more closely over the weekend.

     

    Yesterday was heavy volume with no real upward progress. I will do some analysis on this event.

     

    Today was a reversal bar but not a true reversal.

     

    I will do more investigation on that as well.

     

    Regards,

     

    Paul
    3 Jul, 06:11 PM Reply Like
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