Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG Message Board

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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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To: Rollocaster who wrote (30681)	8/19/2011 11:25:49 AM
From: stuffbug	1 Recommendation Read Replies (2) of 48092

GDX range bound, can't exceed 64 ??? Huh, what's that all about? GDX closed at 55 and change ten days ago. GDX is up almost 15% from the intraday low of two weeks ago. The high of 64 was way back in April. We had a two month, 20% correction from the April high. The price hasn't been anywhere near 64 since then. GDX is moving up in normal bull market fashion. After moving above the 5 day moving average 8 days ago, GDX has had only one close below that average. A battle is to be expected as we attempt to take out the late July high around 61. The bears aren't going to give up without a massive fight. A close above 62 puts the April high in play. And once that April high is taken out, the bears will be scramblin to cover. So, expect the next 5 to 7 percent to be really tough.

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