And when you look at the chart for GDX, the ascending triangle is even more obvious with more bounces off the uptrending support line, and roughly $31 as the overhead resistance line:
Tuesday, May 14, 2013
More on the Gold chart
On Friday, I said that maybe the gold chart was in the process of forming an ascending triangle that could be bullish. Today's price action (with GLD as proxy) keeps that idea alive (with the uptrending support line holding, at least for this day):
And when you look at the chart for GDX, the ascending triangle is even more obvious with more bounces off the uptrending support line, and roughly $31 as the overhead resistance line:
And when you look at the chart for GDX, the ascending triangle is even more obvious with more bounces off the uptrending support line, and roughly $31 as the overhead resistance line:
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