Thursday, September 22, 2016

Gold miners:out of the woods? Not quite yet

Despite the fact that Gold miners (GDX) moved fast upward after FED's decision to keep rates unchanged, they are still not out of the woods...

GDX needs to move decisively above 28.5 and even better above 30.35
Currently RSI is moving away from overbought levels while GDX is approaching support at 27.5 and then 27.2.
A bounce at these levels is expected.