I was looking at the DXY and the GDX last night, as I often do these days and just said what came to mind. DXY often leads the Gold price, Gold weak but GDX strong, so needs some explanation.
I gave you some hints though. Look at GDX on the monthly chart.
Notice March to June 2018 the Bollinger bands narrowed. Often there is a breakout that follows a narrowing. In heavily manipulated markets like Gold (much more so FX), the first break out is a false one. Well, we had a nice break lower until now when the market is stabilising again at the same level. Narrowing of the Bollinger bands is the coiling. Pressure builds and is eventually released. If it breaks in a false direction, it will then have to recoil and then move in the opposite direction. That it stopped in the middle is only the Trail picking up passengers. I think by May 1st the Train will be leaving the station, if it hasn't already, and then move at light speed.
Next FOMC meeting is 1st May. Often see a bottom at FOMC meeting, but potential energy in the market might not wait till then to be released.
All IMHO.
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