GLD / GDX Update

In yesterday's update, GDX / NUGT / GLD Update...

"GDX (Gold Miners) 5 min saw a larger volume event at the lows yesterday, often a short term reversal signal just like our Dominant Price/Volume relationship's, Close Down/Volume Up, tends to lead to a short term bounce the next day....I suspect GDX will break out above the base neckline again and possibly create another head fake move or bull trap.

This is the GDX 60 min chart with the important base neckline, I suspect a head fake/false breakout there, but just looking at the size of the reversal process, I DO NOT THINK THERE IS ANYTHING APPROACHING A REASONABLY SIZED REVERSAL PROCESS TO CREATE A REAL BREAKOUT, IT'S TOO SMALL, NOT ENOUGH TIME FOR ACCUMULATION."

As you can see from yesterday's post, a short term bounce was expected since yesterday in GLD and GDX.

Basically, yesterday's expectations for GLD and GDX are on track.

 GLD 2 min positives mentioned yesterday

GLD 3 min showing some weakness in to the advance, not a lot, but along the lines of expectations from yesterday's post.

The 5 min chart/base and likely gap fill target.

The 30 min GLD chart is still dominant as far as a pullback continuing.

GDX

 GDX was expected to pop back above the base resistance level as of yesterday, today it has.

So far the intraday 1 min is in line

As is the 3 min chart so no major weakness building in here yet.

The 5 min chart is a different story and shows the probabilities for resolution of this move.

The 10 min GDX chart also shows the same intermediate term pullback resolution probabilities.

The next trade as long as charts like this hold up will be DUST long, but still the larger trade idea is a pullback in GDX that we can buy at a deep discount.

So far, nothing much that wasn't expected