Direxion Daily Gold Miners Be (DUST)

[str8_chuter]

Both $GOLD and GDX got a violent counter-trend rally on Wed that ran right into resistance on Thurs and then collapsed on Fri.

On the daily chart, $GOLD hit resistance at the 45-day MA Thurs. Closed the week below the 9-day MA. Support at 1200 and 1192.

On the daily chart, GDX broke thru resistance at 18.15 (the August low) on Wed but couldn't sustain it. Dropped decisively below again on Thurs. Closed the week back below that psychological support of 18. Support at the 9-day MA (currently 17.89) and then the lower BB (currently 17.37).

On the weekly chart, $GOLD has stiff resistance at the 9-week MA, currently 1211. Support levels at 1200, 1192 and then the lower BB, currently at 1167.

On the weekly chart, GDX has fallen down and can't get back up. Technical indicators look dreadful. Money flow remains anemic. CCI hasn't been above the zero line since early July and hasn't breached the 100 level since way back in January. MACD continues its steady decline.

DUST bounced off the middle BB this week. Resistance at the 9-day MA, currently 44, and then the upper BB, currently 47.

What should be most concerning to gold bulls is the fact that the $USD index has remained pretty much range-bound for a month now.