Tracking Stocks Gold

Monthly chart  Rejected at resistance.

See just below (along with other charts and commentary) to get the bigger picture on gold.

GLD Sept 7th, 2019 

Monthly chart

As you can see from this chart below (that was posted to the public) this line of resistance was in question, well before the sell off this week. Though gold did push through, it was too high, too fast. Understand it’s not unusual at all for a stock to retrace after it’s first attempt to break through such points. That being said, I wouldn’t be in a hurry to try and guess how low this goes now. Often times stocks can (and do) pullback more than we expect. For now we’re focused on other stocks showing good strength in the stock market.

So after being bullish so long, why did I get bearish on earlier on this week?  See more below on GDX (the setup)

GDX Sept 9th, 2019 Chart update

Confirming weakness

GDX Sept 12th, 2019 Chart update

Continues to look very strong. Expecting higher.

GLD August 23rd, 2019 Chart update

Breakout confirmed.

GLD August 26th, 2019  Chart update Monthly chart

Indicating this run could certainly continue higher

GDX August 12th, 2019 Chart update  EOD

Good intial confirmation of resistance.

GDX August 13th, 2019 Chart update

Confirming expectations of at least a short term pullback. Think it prudent to lock in some profit here however it’s too early to call any bottom here and could certainly continue lower before higher.

Gold update July 6th, 2019

New 52 week high telling me this could certainly move higher. Scroll down to better understand how we positioned for this move.

GDX August 1st, 2019 Chart update EOD Confirmed strong!

GDX August 6th, 2019 Chart update 

Showing continued strength, with volume above resistance.

New 52 week high telling me this could certainly move higher.