GLD/GDX/GDXJ

As mentioned earlier, we expected a near term pullback in GLD and miners, I also showed you early signs of intraday positive divergences in GLD and miners, those are growing. I'm not going to read in to this too much, but as you know, GLD has been acting as a QE sentiment indicator.

As for GDX, this is what I said in an update,

"I'm going to post the charts, but basically it looks like a near term pullback in GDX, perhaps a little base building and another move higher." 


My view on GDX was that it appeared that the negative divergences were not that bad and only looked like they were there to create a pullback, while the longer term charts still looked very good, so we would expect to see accumulation in to the pullback, however I would have also expected a deeper pullback, but there's nothing stopping the miners from pulling back more in the coming days. Thus far it is good to see the positive divergences in to the pullback as it agrees with the analysis from yesterday, the timeframe issue is what is the question in my mind and whether this has anything to do with the F_O_M_C policy statement on 30 mins away.

 GLD 2 min leading positive intraday

 3 min is starting to lead positive in GLD

 As is the 5 min

 GDX/Gold Miners 1 min leading positive intraday

 GDX 3 min leading positive

 Junior Miners/GDXJ 1 min leading positive

 2 min leading positive

5 min leading positive