Gold Breaks Above Its 6 Month Downtrend Line

As reported by www.ChartAnalyst.expert in their last metals update “Gold Breaks Through Its Technical Trend Line,” there is a clear break out in gold and the miners (courtesy of StockCharts.com).
The Gold Tracking ETF GLD finally broke above a downtrend line today. The first chart shows that gold broke above the 6 month downtrend line. However, it is still trying to break above the red trend line which would mark a breakout above a basing area for GLD. On ChartAnalyst.expert, there is a technical view on the daily chart, but we prefer to take a look at the weekly chart. We can see it broke through support/resistance around 115. Now it has been able to base in this area and turn higher.

It looks really promising for the gold stocks here but we are still early in a trend breakout. Here is a look at the miners in Canada. That breakout is really nice but as XGD is right at the 200 DMA, a pause might give an excellent entry opportunity.
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