Gold Miners ETF (GDX)

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=== GOLD - Weekly Wrap ===
By Carl Swenlin | July 21, 2017

GOLD

IT Trend Model: NEUTRAL as of 6/29/2017

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

Gold is about midway the three-month trading range. Gold is also back above the EMAs, which is important because there will be no downside crossovers as long as price remains above them. The persistent sideways price movement causes the EMAs to flatten and converge, a configuration that increases the likelihood of whipsaw signal changes. Until gold departs the trading range, we need to be skeptical of any new signals that are generated.

Sentiment for gold, as expressed by the persistent discount of shares of the closed-end Sprott Physical Gold Fund (PHYS), remains bearish.



On the weekly chart Gold is approaching the long-term declining tops line yet again, and the weekly PMO has turned back up. In 2017 gold has remained in the top half of the triangle formation shown on the chart, which I interpret as a sign that an upside breakout is likely.



http://stockcharts.com/articles/decisionpoint/2017/07/decisionpoint-weekly-wrap----another-breakout-to-new-all-time-highs.html

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