GDX, UCO update August 8

GDX: Negative divergences are starting to creep in and although a run to $32-$35 is still possible, the gold bulls are running a bit out of real estate. A break over last week’s high will confirm that $35 is on tap. For now it may simply try to close Friday’s gap at $31.19.

gdx

UCO: Bottomed from very oversold conditions right at lower support and has broken out above the blue descending trendline which has held all upside in check over the past month +. Hence, that’s a good first sign. Resistance is at the 20d SMA: $9.48 followed by the green and blue horizontal S/R levels: $9.75ish and $10.25ish. Above that and the black descending trend line comes into play, followed by the 50d and 200d SMA.

UCO