Gold is becoming interesting. I am using a chart of GLD instead of actual gold, since GLD is posted instantly during the day and gold is posted only at the close. Note that GLD yesterday morning gapped up and out of its base, and well above its June peak. Thus, gold may finally be on its way to higher levels.
I'm using a P&F chart to simplify and clarify the action. Gold has risen to fill the 1640 box, which is constructive. The next bullish action would be a rally to the 1650 box. This would take gold clear out and above its consolidation base, and would put it in line to try for 1680.
With stronger gold, the gold mining shares are beginning to move up. Below is a P&F chart of GDX, the ETF for the leading gold miners. GDX has risen to the 47 box, which is promising ... Log in or subscribe to continue reading.
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