Thursday, September 22, 2016

Gold Miners (GDX): Out Of The Gate And Down The Straight

Seems fortuitous that I re-posted an article from one of my favorite stock market commentators that suggests a bounce in gold and gold stocks before the FOMC announcement, but looking at the Gold Miners ETF GDX a bullish declining wedge was being put in which was promptly broken (smashed in-fact) right afterwards. Volume was incredibly high yesterday, well above the 180 moving average, meaning this is quite bullish. Because of the sharpness of the change since the correction began back in late July early August not all of my indicators have crossed over, but I expect them to over the coming week.