Replies to post #12994 on Direxion Daily Gold Miners Be (DUST)

[str8_chuter]

In my previous post, was pointing to the 18 to 18.50 range for the miners to possibly find a bounce.

Got down into that price range quicker than expected and subsequently bounced. But there's been little energy to it. Barely back above 19 and already the GDX chart is weakening.

Well in looking at the chart of $GOLD we see why. 1200 had been a pretty significant support level going back a few years. $GOLD has stalled out, can't seem to get past 1200 and sustain it.

$GOLD trading at 1198 as of this writing. A weekly close below 1200 likely means more pain ahead for GDX. GDX would then have to find support at this most recent low of 18.15. If GDX fails at 18.15, then there's nothing but air underneath down to the 16 level.

Lastly, note that $USD bounced off its 45-day MA today. The weekly chart of the dollar still in great shape, looks to be headed higher. Resistance at 96.90 and then 99.