Where Gold Is Headed From Here…

Shares

An intraday GDXJ shows 3 drives to a test of its 50 period on the hourlies.

This ties to a backtest of yesterday’s breakout.

After today’s inside day/test, it will be important to see how the miners behave on the important Friday weekly closing basis.

It’s interesting that TBT looks poised to breakout in tandem with gold and the miners ready to breakout.

I don’t think this is something the machines are wired for.

On a bigger picture basis, the early July low looks like a major turning point because gold squared out at 1204 and because the pattern shapes up as a Bear Trap (bullish) with gold recapturing the 207 trendline.

Leave a Comment:

1 comment
Doug says July 29, 2017

TBT looks bearish to me. TLT and SHY appear to be making bottoms, lead by SHY, as the yield curve is steepening

Reply
Add Your Reply