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Thursday, August 21, 2014

Are the miners broken yet?


Let's check the miner charts.

GDX:


Hanging on to horizontal support but still not broken. I don't care about the SMA(50) crossover, it's bullshit.

GDXJ:


Hanging on to horizontal support too but still not broken either.

The problem is, OpEx is days away. Gold and the miners got chokeslammed on the May OpEx too, and you can see in these charts that it turned out to be a giftwrapped buy opportunity.

We still have a few days for the OpEx games to play out. I don't know why any whiteys would be short gold with the Ukraine/Gaza/Iraq stuff going on, during gold's strongest season, so I don't expect a big slam, but crap can still happen.

The million-dollar question is, will the Indians be driving gold back up in September? You've still got the monsoon harvest and Diwali to look forward to.


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