This maybe a foretelling of what is ahead.
Gold and Gold Miners have NOT clearly broken to the up or downside since it started to consolidate in a price range.
I am optimistic that gold miners have bottomed, as it has had a really solid price this past few weeks relative to market volatility. The ETF GLDX, representing high risk pink sheet gold miners is seeming to get some traction, moving up from 10 to 13.85 in recent weeks.
But according to chart view, there isn't a solid view of an upside yet.
I am in GDX, GDXJ, and looking to get into GLDX in the week ahead, with optimistic view yet again due to the strength of the ETF's price action. But until we see GLD, GDX or GDXJ break up, all we have is CRB as a possible lead indicator and the seeming bottom price in GDX and GDXJ in the face of market volatility over the past few weeks.
See Gary of Smart Money Tracker for his thoughts by clicking here, he believes market will explode up over next 3-4 months as the final inflation bubble starts to be re-blown before a horrible pop.
GDX is at 23.91, GDXJ at 38.35.
To the charts! Food for thought!
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