This past week ended on a negative note for the mining indices since GDX and GDXJ seem to have been rejected at the down trend ceiling once again (even though some big individual names have pretty bullish charts):
- GDXJ:GDX Isn’t looking that great either since MACD has crossed over to negative:
- GDX:GLD is signalling that we are about to see a fairly strong move soon, as the pattern has been consolidating for a while now:
- My personal view (which is Long Term Bullish) is that IF DO NOT see a clean break to the upside “soon”, I am thinking we might see a similar “fake out” first as happened before the impressive rally H1 2016:
Note: These are all based on the notion that we are in fact in a bull market. If this it not the case, a potential wedge break down would be the real thing. This should not be considered as trading advice.