So this thing certainly is not on the Bullish Trend List.
Trend following the sell-off, The Gold Miners Index $GDM $GDX is testing another S/R (Support and Resistance Price Level) at $576.60. So this thing certainly is not on the Bullish Trend List. When it returns to a trend in excess of, or at a minimum of, 10% annualized over 200 days ma, it’ll be back on the Upward Trend List. This index is one of 20 we monitor.
Gold Miners Index (GDM) (GDX) the Index is breaking long term support. The Monthly and Weekly S/R (Support and Resistance Price Level) is $598.50, currently trading intraday at $593.62. The Index today is trading under 10% annualized growth rate, over 200 days, but over 5%, over 200 days.
Grinding it’s way from Long Term Downward to, at least Neutral, ..to almost an Upward trend. It is just starting to outperform the Gold Miners Index (GDM)(GDX), and Gold bullion. over 200 days. The Gold Miners Index is outperforming the S&P 500 Index, over 200 days. So, we’ll see if the M&A action in the gold mining industry will pay off for investors.
Looking at this chart of Barrick (GOLD), 36 Months, Monthly, there is a major S/R (Support and Resistance Price Level) at $13.99. ..today trading at $14.12.