$GDX Gold Miners look for support in “GO” trend

$GDX Gold Miners look for support in “GO” trend


December 2022


Alex Cole

$GDX is in a "Go" trend since rallying from lows in October and November.

The "Go" trend made successive highs and lows before moving mostly sideways for the last few weeks.  During that time, GoNoGo Oscillator has fallen to the zero line where it has remained as a GoNoGo Squeeze has started to build.  If this "Go" trend is to remain healthy, we would look for GoNoGo Oscillator to break out of the Squeeze into positive territory.  This would suggest that momentum is resurgent in the direction of the "Go" trend and we could see an attack on a new high.