I have already made one post today, so I'll keep this one short, and let the charts do the talking. I will say, that if you are like me, and you own gold stocks, then you are probably in a bit of pain right now.
This post is meant to show that it would probably be imprudent to sell gold stocks at this time. Here is a daily CandleVolume chart of GDX:
Next, let's have an update on the US Dollar. The US Dollar Index closed at 81.49, which is a penny shy of the 81.50 resistance level. I really don't think that this is a coincidence:
Finally, in the post I made this morning, I said that the Euro was close to its long-term upward sloping support line. Well, now it's touching it, and this should provide some relief to gold stock should this support hold. If this support fails to hold this week, I will be forced to sell my gold stocks position.
Finally, here is a daily chart of the Euro, and notice the gap support:
If you agree or disagree with my analysis, then please do write a comment. I would love to hear from you. Thanks again for looking at my blog, and good luck trading.