Gold Stocks At Resistance

By Gary Tanashian of Notes From The Rabbit Hole

NFTRH & Biiwii's Unique Market Perspectives • Jun 10, 2014 at 4:05 PM EDT

The current bounce is one we have anticipated, but now it is rubber meets the road time.

NFTRH has been consistently noting support and resistance parameters in the gold stocks so that we do not get caught hoping ill-fated rallies are the real thing. The current bounce is one we have anticipated, but now it is rubber meets the road time. Here is chart of GDX from backup source Barchart.com because Stockcharts.com has been down all day (to the frustration of geeks everywhere).

I would like to think that is not a bear flag, but volume and resistance (red arrows) may argue otherwise. We’ll soon see.

The weekly chart may tell a whole different story, which NFTRH has been anticipating since last year. But the daily needs to play ball first.

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