|Simple Trading Ideas||
Gold stocks (GLD) and gold mining stocks (GDX, GDXJ) sharply fell during the past week and a half. It looks like the late June-August advance was a correction wave in the bigger downtrend. Pivot points can be helpful to indentify short term supports. S1 or more likely S2 could be such a possible support, see the chart below. The Commodity Chanel Index below the price chart is a momentum oscillator and helpful to identify the strength of a trend and trend reversals. Notice that CCI is below 200 the first time since June. CCI can also be used to spot overbought and oversold conditions.