GDX gold miners chart shows that the sideways 52-64 range has been in place for about a year and one-half. An H&S pattern has formed now with a head at 66 and neck line at 52. This targets 38 should the neck line fail. The 20 week MA managed to move above the 50 MA providing the gold miner bulls hope for further upside. Watch this 20/50 MA cross like a hawk. The last three months of action exhibits a sideways pattern similar to the gold charts. Note the failure of money flow now occurring moving under the lower trend line which hints that price should move lower. The RSI 50% level is important, if it stays below the gold miner bears are favored; gold miner bulls receive a feather in their caps if the RSI moves above 50%.
A further back kiss of the 50 week MA at 58-ish remains in play, even a test of the 20 MA at 59-ish. The projection, however, is for price to move sideways to sideways lower for the months ahead, eventually rupturing the neckline at 52, ushering in the path downwards towards 38. Price in relation to the 50 MA in relation to the 20 MA is very important moving forward.
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