Will Jerome Powell Bury Gold Miners?
The VanEck Gold Miners ETF has had a countertrend rally this month, rebounding from a 17-month low. But now could be the time sellers return.
The first pattern on today’s chart is the $33.25 price zone. GDX bounced at this level in November and July. It marked the high in early September and seems to be resistance again this week.
Next, stochastic has been in an overbought condition. This reading also marked tops in May, August and September.
Third, consider upcoming events like the Federal Reserve meeting and non-farm payrolls next week. Those could potentially boost interest rates and the U.S. dollar, which may be negative for precious metals.
Finally GDX is forming an inside week, a potential sign of its recent bounce slowing. This pattern also occurred at tops in August 2020 and May 2021. (See below.)
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The first pattern on today’s chart is the $33.25 price zone. GDX bounced at this level in November and July. It marked the high in early September and seems to be resistance again this week.
Next, stochastic has been in an overbought condition. This reading also marked tops in May, August and September.
Third, consider upcoming events like the Federal Reserve meeting and non-farm payrolls next week. Those could potentially boost interest rates and the U.S. dollar, which may be negative for precious metals.
Finally GDX is forming an inside week, a potential sign of its recent bounce slowing. This pattern also occurred at tops in August 2020 and May 2021. (See below.)
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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