GDX-compared to GLD (in red)-miners have underperformed gold itself for awhile now, note GLD making higher highs and GDX topping.
The 30 min 3C shows accumulation at support of the top and confirmation of the uptrend, but some cracks are starting to appear.
Here's the 1 min chart, suggesting the distribution process is underway, remember that these run in cycles of accumulation, mark up and distribution into higher prices.
There may be a little more upside in the next few days as distribution occurs into higher prices, but the 15 min chart is falling out of confirmation now so I doubt there's too much more upside here.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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