During a week that has had a little bit of everything, the gold stock sector has refused to give up the December 2013 lows (not shown on these charts) and are still hanging around with a potential to put in a short-term bottom*.
GDX smashed its head right up against resistance (May low) on the big FOMC Minutes pump fest, but has turned MACD up and got RSI looking constructive above its EMA 50.
GDXJ looks better with respect to the May low, but these items are dealing with the EMA 10’s as a very short-term resistance point.
* I almost purposely don’t write too much about the gold stocks because it seems that too many people are still way too interested in this sector to the exclusion of so much else going on in the macro markets and that rubs me the wrong way. People should by now know to treat these things as nothing more than speculations until the macro gets right, fundamentally.
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