Wednesday, April 15, 2015

Interesting point for gold and miners here

I guess I have to start drawing stuff on charts so you can see what the heck I'm talking about. Fine.

Here's gold:

Rolling over, eh?

I'm not so sure. GLD:UDN, or gold ex-US, is still in a gentle uptrend.

But this is interesting:

That's a pennant, and you'd think it's going to break down because gold sucks, right? Everyone hates gold, right? Then why are miners outperforming gold right now? And the pennant is getting dangerously close to being broken to the upside. In which case it's probably because gold (above) breaks back about its SMA(50) and Bollinger mean, which would then be viewed positively by the market I'd think.

And the GDX volume below shows that buying days have seen more volume than selling days.

I dunno. I kinda suspect miners might go up from here, not down. Though I'm not willing to bet money on it right now.

I just wish I owned better miners than shitty B2Gold.

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