GDX vs Gold: Inverse Head and Shoulders
Dear Steemit friends, I have noticed (source: gracelandupdates.com) that GDX vs gold is forming an invesrse head and shoulders pattern. Usually, these are bullish patterns, that often lead to a rally proportional to the height of the pattern.
Given that stocks of precious metals producers often move ahead of the gold itself, the positive divergence on GDX might lead to a rally in gold price itself over the next several weeks.
Remember that the stock markets are not doing so well lately, which can also help gold price rise.
Do you think we will see gold at $1270 by November? Share your opinion in the comments, and I will be glad to upvote.
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