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September 11, 2019

#Gold - Consolidating Before Another Positive Trend Starts BUY ALL THE DIPS! $GDX $GLD

Gold was overbought. It is now in a consolidation period, however, it will be coming to an end before you know it.

The trend is still positive for gold prices. 
BUY ALL THE DIPS!



Gold - Consolidating before another positive trend starts


Attachment 1 above is the weekly chart of the gold continuous contract (futures market). It has broken on the upside at US$ 1'380 per ounce and advanced to around US$ 1'550 per ounce where it ran into resistance.
Gold continuous contract daily chart 10.9.19.png
The daily chart (attachment 2) shows the correction over the last 4 days, nothing severe considering gold gained since the breakout on June 22, 2019, US$ 170 per ounce.

GDX, the largest gold shares ETF (attachment 3), indicates the correction over the last few days of around 11%. However, this ETF has gained since June 22, from bottom to top, 29% in under three months.

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