Gold is still in a downtrend at around 1206 during typing this lines.There is a descending resistance trendline from late 2012 (weekly chart black line) currently at 1250$ and a positive divergence in weekly RSI (blue line)
During the last few days gold is in a tight trading range between 1190-1210$(practically between Daily EMA21 and EMA55).If gold manages to stay above 1210 we believe that it will move towards 1230-1240 where it will bounce and resume its downtrend with a fierce move towards 1000$(pink line).
If gold breaks below 1190$ then it will resume its downtrend towards initially 1110 and then 1000$(red line).We give 60% to the former and 40% to the later scenario.So be cautious with the interpretation of the current upmove from 1140$...
Regarding the Gold Miners (GDX), the picture is the same.If GDX manages to stay above 20$ then next target is 21-22$ where it will probably bounce and resume its downtrend towards 10$.If it breaks down below 18,5, probably it will move towards initially 14-14,5$ and then lower.
During the last few days gold is in a tight trading range between 1190-1210$(practically between Daily EMA21 and EMA55).If gold manages to stay above 1210 we believe that it will move towards 1230-1240 where it will bounce and resume its downtrend with a fierce move towards 1000$(pink line).
If gold breaks below 1190$ then it will resume its downtrend towards initially 1110 and then 1000$(red line).We give 60% to the former and 40% to the later scenario.So be cautious with the interpretation of the current upmove from 1140$...
Regarding the Gold Miners (GDX), the picture is the same.If GDX manages to stay above 20$ then next target is 21-22$ where it will probably bounce and resume its downtrend towards 10$.If it breaks down below 18,5, probably it will move towards initially 14-14,5$ and then lower.
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