Friday, April 15, 2016
I don't even have to go to a goldbug TA's blog
I don't even have to go to a goldbug TA's blog to tell you:
that they're all pointing out GDX is just working off an overbought condition, and should settle down to either previous resistance at $21, or the SMA(50) and price cluster from $19-$21.
And for a bit of perspective, in case you're wondering why GDX should be strong with gold only futzing around $1200-$1250, remember that e.g. gold in Canadian dollars is around $1600, and the last time gold was at that CAD price miners' share prices were a lot higher.