Monday, October 13, 2014

Gold and miners Update

Gold bounced at 1190 support and now is moving towards 1240-5.Currently between 1245-1260 (red circle) there is a significant resistance area.For bulls to have a chance they need to see gold to move above this area.We believe that for the next few days gold will move sideways between 1225-1240-5(blue rectangle).If gold breaks 1190 then 1150 and 1100 are next targets

Gold Miners(GDX) are in a similar situation.Overhead there are 2 strong declining resistance trendlines (black lines) currently at 23 and 25,5.We lean towards a sideways move for GDX for the following days between 20,5 and 22,3$.A break below 20,5 will lead price towards 19,5 and then 17,8