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Backtested
Gold fell intraday on Wednesday and found support at $756.40, near the previous high of $755.70. It touched a new intraday high of $774.90 Thursday before closing up $6.40 at $768.70. RSI has broken above 70, and MACD has made a bullish crossover at last.
On the weekly chart, too, RSI has risen above 70, a sign of strength. MACD histogram continues to rise.
GDX, too, made a backtest of its breakout from the recent trading range, finding support on Wednesday at $45.98, near the top of that range and just 2 cents above the previous high. The gold-mining ETF rose $0.94 on Thursday to close at $47.40. RSI and MACD are bouncing off their broken downtrend lines but have yet to make new highs despite the new high in price.
The U.S. dollar index broke down from its narrow trading range to close at 77.58, a new all-time low. RSI threatens to fall below 30, a sign of weakness, and MACD seems to be headed for a bearish crossover.
Gold fell intraday on Wednesday and found support at $756.40, near the previous high of $755.70. It touched a new intraday high of $774.90 Thursday before closing up $6.40 at $768.70. RSI has broken above 70, and MACD has made a bullish crossover at last.
On the weekly chart, too, RSI has risen above 70, a sign of strength. MACD histogram continues to rise.
GDX, too, made a backtest of its breakout from the recent trading range, finding support on Wednesday at $45.98, near the top of that range and just 2 cents above the previous high. The gold-mining ETF rose $0.94 on Thursday to close at $47.40. RSI and MACD are bouncing off their broken downtrend lines but have yet to make new highs despite the new high in price.
The U.S. dollar index broke down from its narrow trading range to close at 77.58, a new all-time low. RSI threatens to fall below 30, a sign of weakness, and MACD seems to be headed for a bearish crossover.
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