Now that GDX the miners has fallen into the target box I gave a few days ago (see link below) I wanted to take a look at gold as well. Longer term I am expecting to to break out above the overhead resistance but it could take awhile given the amount of resistance ahead (see weekly chart.) To me it is interesting that the weekly RSI had a long term bullish divergence (solid line) then followed by a positive reversal (dashed line). But this is countered by a long term negative reversal (black dashed line). So there could be a lot of bouncing.
On the daily chart we seem to have "V" bottom with breakout and target drawn. But we have a bearish divergence in the daily RSI suggesting possibly some near term pullback.
So me overall although I favor the trend will go up it is a confusing picture.
So I personally will be going with the miners when we get some positive signs.
Feedback always welcome.
On the daily chart we seem to have "V" bottom with breakout and target drawn. But we have a bearish divergence in the daily RSI suggesting possibly some near term pullback.
So me overall although I favor the trend will go up it is a confusing picture.
So I personally will be going with the miners when we get some positive signs.
Feedback always welcome.
