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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Davy Crockett who wrote (16042)	6/11/2014 8:29:22 PM
From: stuffbug	Read Replies (1) \| Respond to of 33421

Davy, it is heartening to see that GDX appears to be leading the price of gold now. GDX has recovered all of the losses from the last week of May whereas gold is trading $30 lower than the Friday close before Memorial day. I have a resistance band on the GDX that stretches from 23.18 to 23.62. So GDX is in the middle of that band now. In my work, it would be quite bullish to close above the top of the band. In late January / early February, the overhead resistance band was much wider (21.67 - 22.60). As a result, it took more than two weeks for GDX to break free. Another bullish nugget is that GDX has spent very little time trading below the 3 PM price of Friday, May 30th (22.14). During that final hour of trading in May, Morgan Stanley was supposedly buying as many senior gold stocks as they could (in New York and Toronto), pushing the index up by over 1.5% into the close.