This Quote of the Week defines the advanced state that our Governments in the Western World have progressed to. A distressing state that history says cannot be avoided.

related: The true nature of a significant self-serving movement in our society – Fundamentally Corrupt and Unclear

Like everything in the tech revolution, self driving vehicles scare the hell out of the status quo while providing amazing opportunities in areas as diverse as healthcare and policing – and the political establishment doesn’t know what to do.

 Be sure to catch Mike’s Featured Guest: Eric Coffin’s 11 gold stocks – average rise 340% –  what now?

Writing an investment news letter is the ultimate “what have you done for me lately” game. Hard Rock Advisory’s Eric Coffin has had a dream year – 11 new recommendations – 340% average return. It seems only natural we’d ask what’s now.

Don’t miss Michael’s Editorial: This Changes Everything

1. List of Rapid Technological Changes Here Now!

    by Michael Campbell

In this Mid-Week update Michael lists Technological changes that are so exciting and loaded with opportunity….. at the same time many protest severely disturbing effects

….read more HERE

2. Also Pointing Lower into October

As long-term bullish as I am on precious metals, I’m just as
long-term bullish on the major U.S. stock averages.

…..continue reading HERE

3. Featured Guest Jeff Olin’s Basic Principle to Power Returns

Since the summer of 2008 – Jeff Olin’s Vision Capital has outperformed the TSX about 10 times over – and he says it’s the best way to invest in real estate. 

….more HERE

The gold stocks are trading around their highs but have failed to breakout this August. Is that due to the dog days of summer, the upcoming Fed conference or something else? We aren’t sure and don’t think it matters a great deal anyway. With that said, let’s delve into the current technicals.  

The weekly candle charts of GDXJ (top) and GDX (below) are shown below. The miners have remained strong but are struggling to break higher here during the dog days of summer. GDXJ is set to close around $50 and GDX around $30. The weekly charts show strong support at GDXJ $44 and GDX $27. Call that about 10% lower. 

Let’s turn to the hourly chart which gives us a look at what to expect in the days ahead. We see that GDX (bottom) and GDXJ (top) have failed to break to new highs in recent days. Today the miners traded lower, confirming the failed breakout. The miners remain in good shape overall but could trade to lower levels next week. GDXJ has a confluence of support around $47 while GDX has good support at $28-$29. 

GDX, GDXJ Hourly

Overall, the current rebound in the miners remains well intact but susceptible to further short term weakness. It would not surprise me to see a 5% to 10% decline in the wake of the Fed conference. Judging from the broad strength in the charts and the litany of those looking for a correction (including those calling for one since February) my guess is the weakness will not last very long. Jordan Roy-Byrne, CMT, MFTA

Jordan@TheDailyGold.com

related: How Will Brexit Impact the Gold Market? A Historical Perspective