Gold Miners ETF (GDX)

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Gold - Weekly Wrap »» Daily-Weekly Charts
By: Carl Swenlin | October 18, 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: Bullish. I am interpreting the rising trend line as a flag pole, and the orderly pullback as a flag.



GOLD Weekly Chart: This longer-term picture emphasizes the bullish saucer with handle structure. What I can't show on the chart is that the Commercials (the guys who are usually right) are heavily short gold. A pullback to work off the shorts would fit in with making a more prominent handle before gold continues to rally. Or the shorts could get caught in a short-covering rally. At any rate, I remain bullish on gold.



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