Monday, August 04, 2014

Big Shiney Tunes III: Junior Gold Miners (GDXJ)

Well, tomorrow is going to be interesting. The 2 hour chart is showing a descending triangle and my indicators on the daily chart are firmly entrenched in the downtrend. Currently on the 2 hour chart it GDXJ is ever so gracefully contacting the lower limit of the triangle (which incidentally already has two taps on the upper limit). I've been playing it really cautious on the gold miners because everyone keeps going on about "imminent strength in gold" and as today showed, it's definitely not there. Let's continue to watch closely.

2 Hour Chart: Descending triangle evident with GDXJ currently on the cusp of breaking down.

Daily Chart: This has been augmented a little since it was first proposed a week ago.

Jakob Richardson © 2014