60 Minute GDX Chart Provides Clues - Mike Swanson (05/13/2014)
Last week we saw gold go up to 1310. It then dropped all the way back down by the end of the week to 1280, even going below it for a few moments.
Then yesterday gold went back up suddenly to 1305.
You may find this up and down action to be very confusing.
But if you step back and look at the chart it's easy to see what is happening.
Here is a 60 minute chart of the GDX gold stocks ETF:
The action in February is very similar to what is happening now. Back in February before gold stocks took off they were trading like they are now. You would see them gap up and drop. Then they would go to recent support lows and hold up and bounce up. Everyday it seemed you would see gold stocks up and then go down the next day. The action frustrated many people, but in the end nothing was really happening except the mining stocks were trading in a sideways range.
That is what they are doing now. The GDX has resistance at the top of this range at 24.50 and support at 23.50.
Most Recent Posts
- A Decade After the Great Recession, Risk of Economic Collapse Higher Than Ever - Marc Faber (07/26/2017)
- In the Footsteps of Rome: Is Renewal Possible? - Charles Hugh Smith (07/26/2017)
- A Look at the origins of the John Birch Society in the 1950’s and Today’s “Alt-Right” – Mike Swanson (07/26/2017)
- What's The Next Contrarian Play? - Jim Rogers (07/25/2017)
- Jim Cramer Calls a Bottom in Oil - CNBC (07/25/2017)
- When We Can No Longer Tell the Truth... - Charles Hugh Smith (07/25/2017)
- Vijay Prashad: Trump is Setting Up a 'Dangerous Confrontation' With Iran - The Real News (07/25/2017)
- Salient Features of Bull Market Peaks - John Hussman (07/24/2017)
- Syria Gas Attack and Russian Election Hacking...Debunking Fake News With Scott Ritter - Ron Paul Institute (07/24/2017)
- Overbought in an uptrend, but will it matter? - Mike Saul (07/24/2017)
Grab This Free Report: Our Top Mining Stock Pick
This free special WSW report is devoted to IDM Mining and why it is currently our top mining stock pick.
Grab it and get our next gold price entry point. Do not think about buying any other gold stocks before you read this report. To get this report click here