Monday, July 30, 2012

Gold Miners Also Look Set For a Pullback

However, they also, like GLD, look like they are working on a longer term bullish trend, perhaps in the process of creating some sort of base now.

 GDX-Gold Miners 2 min intraday has turned leading negative

 GDX 5 min relative negative divergence.

 GDX's longer 15 min trend showing what appears to be accumulation at the price lows in perhaps some sort of base, the current 15 min divergence is negative and suggests GDX pulls back as it has in the past.

 GDX 30 min chart with a negative divergence, very clean with little noise, however...

The longer term trend, 60 min chart not only has a large positive divergence that sent miners higher, that divergence overall is leading positive on an important timeframe. I'd watch miners for any positive divergences/accumulation in to price weakness.

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