Everyday I examine 81 charts which are related to the gold market. Besides the 3 posted already, here are 2 more charts that caught my eye this week. First we have a daily chart of GDX:
I mentioned in another post that I thought gold stocks were forming a bearish head and shoulders pattern. This pattern is becoming more mature, and, in my view, has been activated. The downside target is what is labeled "Target 1" in the above chart.
Target 2 refers to the unfilled gap left from the beginning of September. I think that GDX would not descend past this area of support.
The next chart shows a weekly chart of GDX:
The main point of focus should be on the large red candle that occurred on heavy volume last week. There is absolutely nothing bullish about that candle. This is another reason that gold stocks look bad right now.