Users: Tomb: GDX daily log 4.9.14sc.png

GDX daily log 4.9.14sc.png

Good eve. Here are some reasons GDX looks positive to me: bullish engulfment in the daily candle today, recently hit potential support line with bounce up, made almost a 62% retraction from recent rise, potential inverse H&S pattern, and potential positive reversal in the RSI. 
Best to ya. Have a great rest of the week. Tom

Comments

ZekeYeehawZekeYeehaw
That's what I'm talkin' about! 4/9/14
Idiot WindIdiot Wind
sounds like a walk off grand slam......... 4/9/14
Mike1981Mike1981
Don't forget JNUG 4/9/14
Mid-Century RenovatorMid-Century Renovator
Great chart and (I agree) correct assumptions. 
Gold looks good (now) +16.60 on the futures. 4/10/14
TombTomb
4/10 thanks for feedback. Strange day: gold up, gdx down. If you compare the two charts ( gold & gdx) you will see they usually correlate well in direction 4/10/14
DinkDink
Think about this for a second: how many gold miner bears do you see on this site? Almost none. That means it is unlikely the bottom in GDX is in. While I agree with the potential bottoming formation in GDX and gold, it is just a potential bottom. It could just as well be a consolidation that breaks to new lows in the coming weeks/months. I am not convinced. 4/10/14
TombTomb
Dink I know you are correct. But also it looks like the USD is ready to drop hard which increases the likelihood of gold going up. I appreciate your response. Have a great weekend. T 4/10/14
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