GDX Models stays in Cash Oversold
Because the Buy signal that triggered at the last minute of trading did not allow reasonable time to place a trade, we will restart the GDX Model in a Cash Oversold level, but with the MF above the Buy Oversold level.
In other words, we will be in a non-confirmed buy mode at the open. The buy signal will be confirmed if the MF stays over the OS level enough to trigger a confirmed Buy signal.
Pascal
3 Attachment(s)
GDX about to close above the neutral zone
As can be seen below, the GDX MF is about to close above the 0 level.
I pointed with pink arrows the past occurrences when this happened.
Many were close to temporary tops, mostly because gold reversed down at these points (Except on March 14, when gold continued slightly higher.)
[ATTACH=CONFIG]18209[/ATTACH]
[ATTACH=CONFIG]18210[/ATTACH]
Even though some gold miners are attracting good money, the gold Futures' LEV pattern still looks weak and I would not advise building long positions on the miners at this point, unless buyers come to buy gold.
Pascal
[ATTACH=CONFIG]18211[/ATTACH]