As we close in on the end of trading in the month of June, this is the major breakout in the gold sector that everyone needs to watch.
GDX (Gold Miner ETF)
By Michael Oliver, MSA (Momentum Structural Analysis)
June 27 (King World News) – 22.94 is the 40-wk. avg./zero line this week (June 30th). That’s only .20 above Friday’s close.
(charts by Momentum Structural Analysis www.olivermsa.com)
However, for good measure MSA wants to see a weekly close above the peak weekly oscillator close back in February. To clear that weekly oscillator close, GDX needs a weekly close this week at 23.20 or higher…
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Second Major Buy Signal
MSA considers this pending upside trigger number a second major buy signal for GDX, the first having occurred between the price of 15.50 to 16 back in February 2016—based on an annual momentum breakout. This buy signal on 40-wk. momentum adjusts down weekly by about .10.
King World News note: It will be very interesting to see if this breakout in the GDX takes place during the normally quiet summer time period. If that is the case, it will catch a lot of traders and shorts off guard.
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