Gold Miners ETF (GDX)

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GOLD - Weekly Wrap
By Carl Swenlin | July 15, 2017

GOLD

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

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

Last week gold broke down through the double top confirmation line, implying that the price decline would continue. This week gold broke back above that line and also challenged the short-term declining tops line drawn from the June top. Perhaps gold will start to benefit from the dollar's weakness. The 50EMA is about to cross down through the 200EMA, but the EMAs are in a narrow range, and I wouldn't take a 50/200EMA crossover as seriously as, for example, the crossover that occurred back in November.



The triangle formation on the weekly chart is unresolved. The weekly PMO is falling below its signal line, and the 17EMA is close to crossing down through the 43EMA. These issues are negative, but they are the result of whipsaw caused by the sideways price movement.



http://stockcharts.com/articles/decisionpoint/2017/07/decisionpoint-weekly-wrap----dollar-in-trouble.html

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