Friday, May 27, 2011

GDX Request

 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.

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