Gold and Miners

Overall I'm not impressed with gold/GLD.

However GDX-Gold Miners, is interesting. I'm not a big believer in "V" shaped reversals and the fact of the matter tends to be, "The larger the base, the greater the move it can support", so in light of GDX's price position, I personally would prefer to see a larger base form before considering GDX as anything more than a VERY speculative long.

 This is what I mean, to see GDX just attempt a rally from here would be disappointing and I wouldn't have much confidence in it, however if GDX continued to make a base and 3C continued to improve, I think GDX could very well be  worthwhile trade to consider.

 Trend of the 1 min chart shows a recent, obvious change in character in the underlying trade (3C).

 1 min chart close up

 2 min chart is also seeing some positive changes.

 The 5 min chart is as well.

 5 min chart close up

 Even out to 15 mins we see some interesting changes.

That's where they stop for now, the 30 min below is not showing anything interesting, but if GDX were to continue along this path, we may very well see a 30 min positive which would give me a lot more confidence. For now, it's interesting, it's worth keeping an eye on, I probably wouldn't want to consider shorting gold miners at this point.