MONTHLY CHARTS
GLD (NYSE:GLD) is the only chart that is poking it's head above the primary-term downtrend resistance line
- It's the very early premature stage of cultivating uptrend
- Poking it's head does NOT mean it's an uptrend
- Still, technically, in downtrend until the price clears well-above 132ish
- Intermediate-term trend is up as it cleared 123 swing highs
- If price pullback, it needs to hold above 122-119ish for the intermediate-term sentiment to remain bullish
Clearing above this downtrend resistance is a good sign in the minor to intermediate-term, but still cautious overall in the primary-term below 132.
iShares Silver (NYSE:SLV) still looks vulnerable here as the price is retesting the primary-term downtrend resistance.
- SLV needs to reclaim 17-18ish for the intermediate-term sentiment so shift (currently bearish sentiment)
- In a primary-term downtrend unless it clears well-above the 20 level
- SLV could also be building base here, 20 is the level to clear before the bulls gain confidence in a long-term bullish movement
GDX (NYSE:NYSE:GDX) looks better than iShares Silver (NYSE:SLV), but still below the primary-term downtrend resistance.
- Needs to clear 26ish for the intermediate-term sentiment to shift to bullish
- Looks to be building base here, good sign in the long term
- As long as the price stays below 30-32, we would have to categorize this market as still in building-base mode
