Thursday, June 30, 2016

Gold Miners (GDX): Looks Like It's Just About Had Enough (For Now)

We all know I've had problems in the past identifying ascending bearish triangles in the past with Gold Miners (GDX) but I like the look and feel of this one. We've had a lot happen in the last week, but more importantly this week we've had a bounce and an ascent in the market that no-one can really explain. None of my indicators look like they're turning over so this forecast is based purely on a chart pattern, but something next week must precipitate a flight to the U.S. dollar to allow this to happen and it makes me wonder what it could be. In the meantime, GDX looks like a great short/sell at the moment but with some upside still possible before it turns around.