From its low at $1141, gold rebounded strongly to the resistance levels marking the lows in late February. Gold is now at the moment of truth: does it continue higher to the next resistance level around $1230, or does it simply roll over here. This current bear-market rally in gold could be powerful, but ultimately gold would need to close above at least $1300 on a Friday basis for me to turn long-term bullish. Until then I am treating any significant rally as a shorting opportunity. EOD chart of gold here.
The gold miners ETF (GDX) is lagging gold itself as it tries to close the gap down from March 6th. Similarly to gold, GDX is in a long-term bear market. Any further upside with a subsequent failure to me would look like a good shorting opportunity. GDX chart
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