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.
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