Monday, July 14, 2014

Monday morning gold smackdown - here's the charts

So as of 10AM, here we are:

So gold has been smacked down hard, first on (I guess?) German industrial production numbers, then at 9AM because reasons.

GDX still holds on to its EMA, though.

And GDXJ is holding its short EMA too. For now.

The questions are, do we get any follow-through today, and do we get a correction of a few weeks? Losing the EMAs means the miners go down a bit more. They are far away from the SMA(50), and the MACDs are threatening to break down, so it could happen, sure.

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