… And, In This Corner …
The fight is on.
Pre-market action in miners GDX, shows a slightly higher open with inverse fund DUST below yesterday’s low.
Is the short set-up busted?
In the markets, anything can happen but we don’t know who’s really in control … yet.
Even as the dollar powers higher, gold bulls could overpower deflationary conditions pushing gold and the mining sector up as well.
To do that, they’re going to need to overcome some significant resistance obstacles.
Let’s take a look at just a couple.
Senior Miners GDX
The un-marked chart:
The mark-up shows the first two layers of resistance. The blue line is the Up-thrust (potential short) condition.
The dashed black line is not so easily discernable. It was formed way back in late July and early August.
The next two charts zoom into those areas of interest; providing evidence, getting above these levels may require a sustained effort by the bulls:
The ‘inflation’ news is already out.
Price action in today’s session may let us know if we’re in a drawn out fight lasting day to weeks; or will the bulls reach exhaustion during the session.
Charts by StockCharts
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The Danger Point®, trade mark: No. 6,505,279