GDX Gold Miners Daily Chart Downward-Sloping and Sideways Channels Oversold Positive Divergence Lower Band Violation

Compare this chart to the gold daily chart. The miners have been bludgeoned since the August top and beat particularly hard the last few days. The negative news on gold and the miners is at a fevers pitch with the majority of traders saying there is nothing but down ahead. You know what happens when the consensus is loaded on one side of the boat. Price has violated the lower standard deviation band so the middle band at 24 is in play as well as upper band at 26, both sloping downwards. The falling green wedge, oversold conditions and positive divergence prefer to see price move higher. The short red lines for the indicators show some near-term downside momo, so a few days of stutter steps may result before price bases. The gold miners in general, GDX, GDXJ, NUGT (this is the dangerous 3X ETF) are all attractive longs moving forward, one of the few attractive long areas since the bulk of the market is extended to the upside. Projection is for price to recover moving forward and seek the sideways brown channel again. Keystone has a long position in NUGT. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.