Below is a snippet of Alex’s work from the past few days and his coverage of Gold.
2 BULLISH SIGNS IN GOLD LAST WEEK
1. The USD was higher, GOLD, SILVER & MINERS were not phased by it.
2. Remember that last week was known as the Chinese Golden Week, a week long holiday in China where Gold has sold off sharply ( $40 – $60) over the past few years.
Well, GOLD closed Higher this Golden Week, with the USD rising.
GOLD WEEKLY – That is a nice weekly reversal higher , despite the head winds mentioned above.
GOLD WEEKLY – We could see buying next week that pushes Gold above its down trend line. Last week I mentioned that on Chinese Golden Week, the losses of $40 – $60 were often regained in 2 days the following week, when the holiday ended. The GOLDEN WEEK holiday has now ended with no loss.
GOLD DAILY LAST WEEK
SILVER WEEKLY – Silver still holds above the shake out
GDX WEEKLY – Miners held above their shake out
(MEANWHILE ON MONDAY…)
What was surprising about Monday? It was this- Gold dropped over $17 and the Miners fought their way back to green…
GDX:GLD – I discussed the bullishness when Miners lead Gold, so this is how Golds drop & Miners POP affected the GDX:GLD ratio. Bullish.
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