Gold has made at least three attempts to post a new weekly (GLD) high.
Now, price action is fading.
Penetrating last week’s high of 179.43, would put GLD on track to continue on to the 181.50 – area.
At this juncture, we’re at 178.84, after three attempts to penetrate that 179.43 level. Those attempts topped out at 179.04, 179.10, 179.18 and then 179.18 (again), when looking at the 15-minute chart.
That last attempt could not push higher. We may be finished and pivoting lower.
From the Junior Miners, GDXJ standpoint (chart above), we have what looks like a gap-fill; along with establishing a down-trend and possible trading channel.
It’s never obvious until it’s over.
At this juncture (11:41 a.m. EST) JDST, the 2X Inverse Fund is hovering around 10.60 – 10.64, just above its lows for the session.
Once again, taking all factors into account; the position of GLD, not making a new weekly high, GDXJ filling the gap and then appearing to stall, a potential trend-line and channel; all ties up to be a low risk area (not a recommendation, not advice), the danger point.
Once caveat is GDXJ is not at any well established Fibonacci retracement level. Price action could grind itself higher into the 56.60 area, no matter what gold (GLD) is doing.
Charts by StockCharts