Monday, April 15, 2013

GDX and the gold market

The gold market continues to puke hard with Gold now down over -100 and silver has lost ledge support and GDX down -$2.75!  Again as I said last night, the thing to watch for now is some kind of capitulation and washout that perhaps where price is way down in the morning like it is now, but then mostly comes back by the close in order to form a hammer or doji reversal candlestick.  Otherwise at the moment it's ugly. Here's an updated daily chart, the bear flag measurement was just hit now, of course there are lower targets as well should price continue to fall - I discussed these last night.

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