GDX (gold producers) is looking quite bullish on the weekly chart for at least a swing higher in the short/medium term:

gdx2

GDX – Weekly chart.

  • MACD has turned up.
  • Histogram shows correction lost strength.
  • Weekly candle stick hammer (Last seen at the end of the last major bottom).
  • RSI turning up and breaking down-sloping trend ceiling.

Still early in the game and I would like to see GDX close higher than last week and at the same time break the over head trend line resistance for a real show of strength.

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