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Monday, August 13, 2012


Since my last post on these ETFs they have moved up nicely.  Lets start with the GLD daily chart.

This is the 5th time we have gotten up into the zone marked by the two red resistance lines.  Normally support and resistance are supposed to get weaker each time they are tested.  You would think GLD would get through there with this many tests.  Maybe it will finally do it this time.  We will see.

Here is the GDX daily chart.

GDX has run into the 100 SMA which could provide some resistance.  A pause to let the 18 SMA catch up a bit would be good.  Overall the chart seems to be progressing.  The volume is extremely light, but that is the case across the entire market.  That makes this move a bit hard to judge because we have red volume bars dominant over the last two months.  We will just have to see if it gets through this area before too long.


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