GG broken out of retracment box, Is it still bullish?

15 באפר׳ 2014

With the gold miners stocks tend to have a very volatile behavior. They correlate with the equities market as well as physical gold. Hence they tend to gap up and down. That's just its personality. Looking at the long term view, it still looks bullish and the inverse head and shoulder is still intact. Possible morning star reversal forming if it if gaps up tomorrow. (Other miners like GDX, SLW also have the same reversal pattern and have respected the retracement levels). For the miners to be bullish from this point onwards, the equities market and physical gold has to become bullish.( or physical gold has to be more bullish that the equities market, if the recent selling and market correction is to persist. Ignore intra-day volatility and focus on the long term view. Swing/ position trading