Thursday, August 29, 2013


I don't normally watch the GDXJ because its performed pretty poorly. That being said, I've started watching a few of the indexes and ETFs more closely as we near the "bottom". I created a simple trading channel during the end of June to watch the action for GDXJ... has been pretty true since then, with a minor break in early July (note it briefly played the role of the resistance). I have a feeling that after this third attack, which broke on low volume, the next movement will likely be dictated by golds ability to stay above $1400 then any technical trading.

Note how upon breaking the support level it retested it before breaking through and staying fairly true to the channel.

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