GLD is the only chart that is poking it’s head above the primary-term downtrend resistance line.
- It’s the very early premature stage of cultivating uptrend
- Poking it’s head does NOT mean it’s in uptrend
- Still, technically, in downtrend until the price clears well-above 132ish
- Intermediate-term trend is up as it cleared 123 swing highs
- If price pullback, it needs to hold above 122-119ish for the intermediate-term sentiment to remain bullish
SLV still looks vulnerable here as the price is retesting the primary-term downtrend resistance.
- SLV needs to reclaim 17-18ish for the intermediate-term sentiment to shift (currently bearish sentiment)
- In a primary-term downtrend unless it clears well-above the 20 level
- SLV could also be building base here, 20 is the level to clear before the bulls gain confidence in a long-term bullish movement
GDX looks better than SLV, but still below the primary-term downtrend resistance.
- Needs to clear 26ish for the intermediate-term sentiment to shift to bullish
- Looks to be building base here, good sign in the long term
- As long as the price stays below 30-32, we would have to categorize this market as still in building-base mode