Gold Miners ETF (GDX)

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GOLD DecisionPoint Weekly/Monthly Wrap
By Carl Swenlin | April 29, 2017

GOLD:

IT Trend Model: BUY as of 2/3/2016

LT Trend Model: BUY as of 4/12/2017

The picture for gold turned short-term negative on the daily chart when price broke down through a rising trend line, and the daily PMO topped and crossed down through its signal line. This may be no more serious than the correction from the February top to the March bottom -- just a normal correction in an up trend. Sentiment shown on the bottom panel is basically neutral.



On the weekly chart price has been turned back from the long-term declining tops line, possibly to build compression for an eventual breakout. The weekly PMO is positive, rising above its signal line.



On the monthly chart we have a better perspective of how gold is challenging a long-term declining tops line drawn from the 2011 all-time high. The monthly PMO is rising, which favors a price breakout.



http://stockcharts.com/articles/decisionpoint/2017/04/decisionpoint-weeklymonthly-wrap.html

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