GDX recouped all of Wednesday’s early-morning losses to close up on the day, but not before doing some damage to the daily chart. The 21.94 intraday bottom exceeded an important ‘external’ low at 22.37 (see inset) recorded on April 25, generating the first bearish impulse leg of daily-chart degree since mid-January. The effect would be compounded if the decline surpasses yet another key low at 21.30 without an intervening upward correction.  If there’s a silver lining, it comes from the downtrend’s failure, at least so far, to reach the 21.20 ‘d’ target shown. It is also a tentatively bullish sign that the bounce came almost precisely at the secondary pivot, 21.97.  With such mixed signs, however, we’ll back away for now and monitor the lesser charts for evidence that bulls might be regaining their strength. Visit our 24/7 chat room and share timely ideas and real-time results with great traders from around the world. Click on the link for a free trial subscription

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 -- Published: Thursday, 26 May 2016 | E-Mail  | Print  | Source: GoldSeek.com

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