Friday, October 24, 2014

Gold and Gold Miners update

Gold is trading during the last week between 1225-1250$(as we said in last week update).We believe that next week is  important for determination of Gold downtrend momentum and maybe the level of an (at least) intermediate bottom.
If Gold manages to stay next week in the same trading range(1225-1250) then an attenuation of down pressure to gold price will probably lead to a bottom at 1100$.

If gold breaks down from the trading range then it has a good chance for an accelerated move towards 1000$.

Same picture for Gold Miners (GDX).If GDX manages to stay for another week between 20-22 then a bottom at around 17,5 is possible.

If it breaks down soon below 20$ then a move towards 15 is possible.