Gold Miners ETF (GDX)

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Gold - Weekly Wrap »» Daily-Weekly-Monthly Charts
By: Carl Swenlin | September 27, 2019

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GOLD

IT Trend Model: BUY as of 6/3/2019

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

GOLD Daily Chart: The head and shoulders formation is starting to look serious, and price is about to break down through the neckline. We could be in for a period of pullback, but as long as the support at 1375 is not broken, the bullish case for gold will hold.



GOLD Weekly Chart: We can see the next level of support is at 1450. The weekly PMO has topped, which is not a good sign. It may take several months of pullback/chop to consolidate the last 12 month's gains.



GOLD Monthly Chart: An important breakout took place this year. The extended period of chop I anticipate may put a handle on the saucer formation, which would be positive.



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