Gold Miners ETF (GDX)

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Gold - Weekly Wrap »» Daily-Weekly Charts
By: Carl Swenlin | October 11, 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: Gold is correcting in a declining trend channel, which could be viewed as a bullish flag formation. The big problem is that the commercials are heavily short gold. Surely, those guys aren't always right, but they usually do better than the rest of us, so I find it difficult to get too bullish with gold. Nevertheless, I'm liking how gold is behaving, and remind myself that short-covering could work in favor of gold bulls.



GOLD Weekly Chart: Gold is still well above the long-term support, and a bullish saucer with handle is partially visible. (The handle is simply a technical correction that follows the breakout.) The weekly PMO is overbought, implying that corrective action may take some time.



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