In today’s regular Gold Trading Alert, I wrote the following:

What’s next? While the next 1-3 days are a bit unclear, the entire roadmap that I featured for the GDXJ ETF in my previous Gold Trading Alert remains very much up-to-date.

The reason that I wrote about this lack of clarity regarding the today and the early part of next week is that sometimes it takes that extra time for the market’s emotional responses to cool down. We might have just seen the rally burning itself out.

Why do I think so?

Because the GLD ETF just moved to its upper rising resistance line and then moved back down.

As long as the GLD closes below this line, the breakdown’s bearish implications will remain intact.

Also, while GLD is up by 0.54%, SLV is up by 1.56%, and as you may know, when silver outperforms gold on a very short-term basis, it’s a sell signal.

At the same time, gold, silver, and mining stocks are weak compared to signals coming from the USD Index. The latter just moved below its recent low and below its 61.8% Fibonacci retracement based on the 2023 rally, but gold, silver, and miners didn’t move to new highs.

Also, please note that the session is not over yet, and USDX’s breakdown is far from being confirmed. The previous attempt to break below the 61.8% Fibonacci retracement level failed, and the same is likely to happen now.

As always, we’ll keep you - our subscribers - informed.

Thank you.

Sincerely,
Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief