Gearing up for a move

Gold has been bouncing off strong support at around $800. RSI has turned upward after dipping to the 50 mark, and MACD appears at last to be preparing to make a bullish crossover.

Silver seems to be bumping up against round-number resistance at $15. RSI is above 50, and MACD is making a bullish crossover.

Although GDX is still stuck beneath its 50-day MA, $46 has provided strong support during the past several weeks. RSI continues to meander around the 50 mark, and MACD appears to be marshalling its courage and energy to make a bullish crossover.

The longer GDX stays within this trading range, the sharper the subsequent breakout is likely to be.

A revised set of Fibonacci lines has been drawn on the chart of the U.S. dollar index, projecting an intermediate low at around 70.26. The dollar, currently hugging the neckline of the putative inverse head and shoulders, is at the halfway mark of its projected decline from 82.13 in mid-August.

RSI has been unable to pull away from the vicinity of 50. While MACD continues to climb, it is gradually losing momentum.