Nothing doing yet for the HUI which remains sandwiched between its 200-day moving average on the top side and its 10-day on the downside.

It has currently pushed down through the 10-day with the short term bias slightly negative with that 200-day acting as a POTENTIAL double top.

Upside momentum is stalling out so bulls will next to flex their muscles sooner rather than later to avoid a deeper retrenchment in price.

The US Dollar is similar in the sense that it too is inconclusive at this time although its short term bias remains bullish.

It is holding its 10-day on the bottom but running into selling at the 40-day.

The 200-day continues to rise indicating the long term trend in the greenback is higher with that particular moving average substantially lower than the current price level.

While I can understand shorter-term traders’ lack of conviction over the Dollar due to the Trump Administration’s yet to be determined stance on trade issues as far as the actual realizing of their policy in more concrete terms, I remain of the firm view that the Dollar is going to be the best among the majors due to both the interest rate differential as well as the growth potential of the US economy by comparison with those economies of the other majors.

thanks dan for the update. At least im not the only one seeing things as you pretty much stated (im more referring to the chart action.. your explanation goes well beyond what my charts say….. but for me, its always good to have a reason why we might be seeing the action that is being displayed on the chart.. you have always been the best in that regard).

as you know, im always looking for patterns within channels… the gdx channel reveals nothing to me.. yes it held for now.. but geeze.. its so iffy as which way it will go..there is little to go on for now as far as a developing pattern which is sort of concerning to me…. i currently think it breaks down into sometype of horizontal consolidation at this point.. but its all speculation for now.

from a person who follows channels.. i can detect no down channel to follow for now for gdx.. or gold for that matter…. and the up channel or slope i was following for gold. has really gotten sloppy .. i now expect that to transfer to the miners… essentially what im seeing is what might be a trendless market.. at least for now; this is just based on the charts… but your uncanny ability to transfer what we see on the charts to what might really be going on just helps make sense of it all.

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