Direxion Daily Gold Miners Be (DUST)

[4Godnwv]

$Gold did pretty much what I thought it would today, which was to slap a band-aid on the bleeding and hold it's ground after a loss on Monday and a brutal Tuesday. Volume, however, was surprisingly robust. In fact, up volume has been significantly better than down volume over the last three weeks, beginning with the huge volume day following the Brexit vote.

Good support at 1306-1308ish, secondary support at 1330, with the middle bollie (20dma) currently at 1320.45. Resistance at 1376-1377. MacD has closed, and the RSI is at 60, so another up leg could be in the works.

Incidentally, both the ADX and CMF show money flowing out of gold despite the volume candles. Smart money is, well...smart.

Volume in the GDX index has been less encouraging, and although the CMF shows money still moving in, the ADX shows less buyers. MacD rolling over, which may or may not mean anything, but the price is flatlining in the 30's and the middle bollie (20dma) is way down the hill at 27.69. Gap at 27.75 needs filled too.

Lost my crystal ball, but imo, 70/30 chance of more downside coming