Wealth Creation Through Natural Resources
After drifting lower on light volume for the last month the goldies (GDX) enjoyed their first strong trading session since early May: A high volume bullish engulfing candlestick with a close at session highs. As illustrated by the blue circles in … Continued
GDX passed an important test of support today. The goldies were looking absolutely dreadful this morning but buyers showed up near a crucial area of support around lunchtime and put the throttle to the floor into the close: $18.75 … Continued
Since the December 2013 low in the gold miners the $19-$21 support/resistance level has been by far the most heavily traded price zone in the GDX: I continue to believe that the gold mining sector is on the verge of … Continued
It was a brutal day for the gold mining sector with a 3.61% loss and a close at session lows: Today’s candlestick is called a ‘bearish marubozu‘ due to the large full body with an absence of shadows on … Continued
Last week was a messy one for the gold miners. It began with yet another failure to break-out above resistance followed by what was shaping up to be a steep decline before buyers stepped in and price closed down a … Continued
GDX is up nearly 6% this week. Is this rally for real? From all indications the answer is a resounding YES! Here’s why: The chart pattern breakout from the multi-week ascending triangle is the real deal and targets a move … Continued
GDX is on the brink of one of most anticipated “breakouts” we’ve seen in quite a while: There is a lot going on in the above chart and the situation is by no means clear. Here is some of … Continued
Less than 10 days ago the gold miners were being pushed to the brink of collapse as gold waffled in the mid $1100s. This morning after an impressive rally to finish last week the gold miners are back to being … Continued
The gold miners as represented by the GDX have been pushed to the breaking point with yet another ‘bear flag’ forming just a few percent above crucial long-term support: To put the situation into perspective, GDX is barely more … Continued
Bears come out to play as Gold, Silver, Platinum and Gas among other commodities get mauled MarketWatch: Gold post biggest drop in the past 14 months!!! Mining.com: Potash Corp profit rips 77% on record sales CNNMoney: Obama’s Boom Town… check that, Obama’s … Continued