Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Gold Miners; Largest outflows in history could be bullish, says Joe Friday

By

PrintPRINT

This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

Could historical outflows present an opportunity? Yesterday Sentimentrader.com reported that outflows from Gold Miners ETF's GDX and GDXJ topped $800 million on 4/26, the largest single day outflows in history.

Below looks at Gold Miners ETF GDX, reflecting where these large outflows took place.

CLICK ON CHART TO ENLARGE

The long-term trend since the highs in 2011 is down (lower highs and lower lows). The 15-month trend appears to be higher, as GDX has created a series of higher lows, since early 2016.

Joe Friday Just The Facts; GDX is testing 1-year rising support at (1), which could be support of a bullish ascending triangle pattern. Two thirds of the time, this pattern suggest higher prices.

It is way too early to tell if investors panicked on Wednesday (huge outflows). From a Power of the Pattern perspective, what takes place at (1), is very important for the miners space, more important than outflows.

If you are a fan of the Gold, Silver and Mining space, we would be honored if you were a Premium or Metals Member.

Send me an email to review a complimentary copy of our most recent Weekly Metals Research that provides weekly pattern analysis and actionable ideas on Gold, Silver, Copper and the Miners

Website: KIMBLECHARTINGSOLUTIONS.COM

Blog: KIMBLECHARTINGSOLUTIONS.COM/BLOG

Questions: Email services@kimblechartingsolutions.com or call us toll free 877-721-7217 international 714-941-9381


This article was written by Chris Kimble for https://www.kimblechartingsolutions.com/2017/04/gold-miners-largest-outflows-history-bullish-says-joe-friday/ on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

< Previous
  • 1
Next >
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE