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Commodities

$GDX – Quick Update

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Long Term Miners Open Articles Public
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If you read the last weekly update on gold and GDX, today’s GDX move shouldn’t be a huge surprise. The most interesting part is the potential implications that may follow. Let’s quickly evaluate the technicals and remind ourselves of the possible scenarios.

CANDLES

It looks like GDX is making a major breakdown today—a Bearish Engulfing coupled with a MACD bearish cross of record magnitude, roughly 50% stronger than the previous peak in 2013, which preceded a 70% decline from 2013 to 2016. This one is 50% larger. In physics, this would parallel Newton’s Third Law of Motion, which states: “For every action, there is an equal and opposite reaction.” In market terms, the stronger the push in one direction, the more powerful the potential reaction in the opposite.

The weekly chart also appears on track to form a Bearish Engulfing after nine green candles, the last three comprising an Advance Block. It sounds like a storm is brewing in the precious metals market. Tune in for the weekly reports.

Happy Trading!

Long Term Miners Open Articles Public
853
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