Tuesday, March 24, 2015

Gold and Miners:A temporary bounce?

Gold bounced hard at 1140$ and is moving higher.Now it is just under a resistance zone at 1200-1205$ where probably will not penetrate and move lower, maybe to test again 1140 level.

Same picture for miners (GDX) ETF. It bounced at the extremely important support of 17-18 (Will Gold miners form a triangle?) and is now just below a resistance zone at 20-20,5$.It also filled the gap of early March(blue circle).We believe that GDX at current levels or a bit higher will bounce and move lower again.

To summarize, we lean bearish towards Gold for the following days-weeks