Gold Miners ETF (GDX)

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:::: GOLD DecisionPoint Weekly Wrap ::::
By Carl Swenlin | April 22, 2017

GOLD

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

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

Gold is bullish in both the intermediate- and long-term time frames. After last week's breakout, it hit a top, then pulled back briefly this week. On Friday gold seemed to be resuming its up trend. The bottom panel shows sentiment to be slightly bullish. My primary problem with gold is that the dollar looks as if it will be making a strong up move soon, and it is unlikely that gold will be able to advance against a strong dollar.



The weekly chart shows gold attempting to break through a long-term declining tops line drawn from the 2011 all-time high. The weekly PMO is bullish.



http://stockcharts.com/articles/decisionpoint/2017/04/decisionpoint-weekly-wrap-4212017.html

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