GDX.NYSE Hourly Chart Outlook

Please note this is NYSE listed GDX ETF, not ASX. Focus is the intermediate term price action behaviour where the boundaries are marked with Red support and resistance lines. Still RANGEBOUND and may continue that way for a while. It looks as though it wants to have another crack at the resistance which may happen sooner rather than later. Moving average XOVER has turned bullish behaviour already. OBV is also strong. But let the most important element ( price) on the chart to prove itself by overcoming the resistance.

If I put my Wyckoff glasses on, I may even argue that a potential SPRING and TOS ( Test of Spring is on hand. Again yet to be confirmed.

Analysis continues…

Chart is courtesy of StockCharts.com

gdxnyse12102017

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