GLD and GDX

In http://traderbob58.blogspot.com/2012/07/gld-and-gdx.html I talked about GLD looking positive, but it needed to consolidate the move up or go down into the gap for a lower risk entry.  GLD has traded down into the gap today.  Here is the daily chart.

GLD found support at the 18 SMA which has turned up slightly.  There is also a slight uptick in the 50 SMA as well.  The chart lacks volume on the upside, but that may have been caused by the big gap up which did not make for convenient buying.  It looks like there is potential to go up here and this is a decent area to look for an entry.

Check out the daily GDX chart.

Now this one had some volume today.  After a downside scare to shake the trees to see what falls out, price ended up back above the 18 SMA.  The 6 SMA has now crossed above the 18.  The chart is becoming more positive day by day.  This could get going up pretty easily.

Bob