Wednesday, December 26, 2012

12/26: Gold Miners ETF update

Gold Miners ETF (GDX) update:

The Gold Miners ETF (GDX) is giving us signals of a short-term low in gold, as well.

  1. we can see that GDX is stabilizing at the strong green support trendline, as well as, the purple    support trendline;
  2. both RSI and MACD have been diverging AND climbing over the past month of price declines;
  3. the declines in GDX from the Wave (X) high have been successive in threes, indicating that the decline is NOT impulsive but merely corrective.

Short-term target: Wave (b)?

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