I would watch out for the breakout from the triangle pattern to confirm the upmove. Gold prices have stabilized and GDX has some catching up to do (it underperformed gold by big margin during the fall).
Very short term short to $14 spot. Take profit at $14 and buy 5 or 10 x long. Long $14 to $18
GDX, Miners have reached a very similar chart pattern as they did in November. Everyone is looking for an ICL and a Miners purchase point. GOLD has busted through the lower bollinger band so its ready to bounce back. I'm buying here. If history repeats we should get a run up here. FOMC meeting tomorrow, who knows what that will do.
Past ~1.5yrs the ratio between SPX500 and gold (XAUUSD) has followed a channel defined by a 3pt trend line on top and its parallel 2pt trend line below. Currently close to its upper limit. The past 2 peaks were "resolved" by a short term increase in the price of gold, thereby lowering the ratio (increasing the denominator). Alternative resolutions include:, SPY...
We are approaching a significant psychological support.
It just looks so enticing... It's a trap, it's gotta be a trap.
With a break of the lower trend line, look for acceleration to the downside. Dollar will go up, putting pressure on miners and gold.
Stock found with my new stock screener, testing the success rate and watching which way this descending triangle breaks
Real break out? This is usually good for a few dollars when price moves over the 50