GLD is resting in between the 50 SMA, the down trend line and the 200 SMA. It is running out of wiggle room in between these lines so a decision has to be coming soon. Since it appears to be consolidating just below the down trend line I would think it would be to the upside.
Here is the daily GDX chart.
GDX is testing the lows from last summer. Unfortunately this one is hard to tell if it has more down side testing to do or not. If GLD breaks out to the upside it might help GDX. Until that happens there is always a chance GLD might go the other way. I think GDX is in limbo here at the moment.
The dollar index is looking a little bullish also. Here is the daily chart.
DXY may be working on a big W bottom type pattern. It seems unlikely it and GLD will both go up together unless it is different this time. I guess we will find out how this situation will play out before too long. It looks like GLD must make a decision fairly soon.
Bob
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