Gold Miners ETF (GDX)

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Gold - Weekly Wrap « » Daily-Weekly Charts
By: Carl Swenlin | November 8, 2019

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GOLD

IT Trend Model: NEUTRAL as of 11/8/2019

LT Trend Model: BUY as of 1/8/2019

GOLD Daily Chart: On Friday the 20EMA crossed down through the 50EMA, changing the IT Trend Model signal from BUY to NEUTRAL. Gold has encountered the line of support drawn across the October low. If that doesn't hold there is another support line, which begins at the top of the area of congestion that formed in June and July. The most important support is at 1375, the origin of which will be seen on the weekly chart.



GOLD Weekly Chart: Part of a bullish saucer with handle formation can be seen in this time frame. On the bearish side, the weekly PMO has topped in overbought territory.



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