Gold and GDXJ analysis (Dec. 2019)
Gold Spot and GDXJ Analysis This is my first blog article for my eTorian Copiers and Followers. I wanted to share my view and technical analysis on Gold and GDXJ. Most of the pictures and prices where generated using the eToro platform as the main source. My discipline tries to put together technical and fundamental analysis to produce a view of where the market prices might go in the near future. Gold Spot Analysis As you can see from Figure 1 of the gold spot prices, the Gold has been consolidating inside a multi-year triangle that recently was finally broken to the upside. Around mid-June of this year the prices of the gold broke through the Resistance 1 (on violet) slightly below 1350$ and went all the way through the Support 1 . It continued to grow until it hit a new major resistance point ( Resistance 2 ). Then it began to consolidate for the rest of the 2019. If we check the RSI indicator, we can observe that on the weekly chart the values have been trending lower