I think gold has tons of upside potential. I believe there lots of new investors pouring into this sector due to the lofty prices of the equities. Gold and Silver have been beaten down really low and lots of investors like to buy low.
GDX Broke Above Its October 2017 High By: Tim Ord | January 29, 2018
• SPX Monitoring purposes; Long on 1/23/18 & 2839.13. • Monitoring purposes GOLD: Neutral. • Long-Term Trend monitor purposes: Neutral.
The chart above is the Weekly GDX which broke above its October 2017 high. However, on the weekly GDX/GLD charts, the Advance/Decline and the Up-Down Volume indicators did not show a weekly divergence.
The weekly Divergence on GDX suggests that the rally which started in December may stall. You should also notice that the weekly Bollinger bands are all “Pinching” on the indexes above, suggesting that a large move is coming. We don’t have it shown here on the charts but the retracement from the late 2015 lows, retraced between 38.2% and 50% suggests that the large move break will be to the upside.There is a large move coming up that may break up (according to Fibonacci), but first, a pullback is possible that may last several weeks.
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