9:05 a.m., EST
Dow 30 (DIA) breaks trendline
Price action declining towards support
Price action rolls over and in the process, breaks the uptrend.
The sell signal is confirmed if/when the support at the dashed line is penetrated with a close below that line.
The markets were volatile yesterday with sharp moves in the dollar, gold and the gold miners.
Pre-market action has gold (GLD), continuing sharply lower; – 4.1 points, or – 2.37%.
Inverse GDX, gold miners DUST, is trading higher as well; up about + 1.1 points, or + 6.65%.
For those monitoring this site on a regular basis, none of the above is a surprise.
We’ve been reporting on the pending dollar reversal for weeks; how gold (and silver) still appear to be inversely correlated.
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