Tuesday, March 9, 2010

GDX & Gold


GDX trying to push through the intermediate trendline. RSI broke trendline, and some good volume off the lows.

Weekly MACD found support at zero line and looks like turning higher. RSI has held support around 40 - 50 area. The biggest problem is the longer term uptrend break - if it breaks downtrend I'd expect it to find resistance at the broken uptrend. Probably still needs to do some digesting before a real move higher. Holding up well though. Could buy a pullback, but would expect to sit through some chop for a while. If gold stays firm this should hit all time highs in the next year or so.

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