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Gold, Silver, Mining Shares Bottom Evident

The chart below of GLD shows support on the long standing up trend line. GDX has sported a bullish “Morning Star” pattern. Normally, Mercury Retrograde ends an up movement, but in this case has ended a down movement. Expect some upside fireworks to begin tomorrow (Sept 1) and especially on the employment report Friday. The final “C” Wave of the sequence should commence.

GLD Daily Chart
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GDX Daily Chart
Larger Image

The stock market gave us a minor buy signal in the low 2160's SPX today. It may end up being a one day wonder. Time will tell. The 10 week low is still ahead of us. A 115 TD top is due October 3rd. A big move down looks likely from October into November.

As always, we trade the market not the forecast.

 


I'm offering a special 2 for 1 subscription offer good until Labor Day September 6. See my website for details.

Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info

 

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