On a long term basis, Gold mining stocks, US Treasury Bonds, and gold, are outperforming The S&P 500 Index. As usual, the reporters on bubblevision aren’t covering this. Instead they have OCD over the latest gimmick from “the social network”.
We can see on the Gold Miners Index (GDM) (GDX) chart, Weekly lookbacks, major S/R (Support and Resistance price reversal) from February, at the $662.10. To continue Bullish, we want to see it close over, on a Weekly and Monthly basis.
Stock chart of the Gold Miners Index (GDM):
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.
Market Chart 63 day, daily:
gold mining stocks coming down
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.