If you would like an email sent to you when I update the blog please send an email with "subscribe" in the subject line to traderbob58@gmail.com. To be removed use "unsubscribe".

Search This Blog or Web

Tuesday, April 2, 2013

GLD and GDX 4/1

Not a lot has happened since the last look at these ETFs.  GLD has pulled back to its daily 18 SMA as I thought it might.  Here is the daily chart.

If the current bounce is going to continue I think it is time GLD start moving up again.  This seems like a lazy bounce from a pretty extreme over sold condition at support.  I think it will need to test that Feb. low after this daily bounce finishes up.  Here is the daily GDX chart.

GDX is even lazier then GLD so far.  This is pretty much just a lateral move across the channel.  There is still a little room to bounce here, but if it does not get going in the next few days it might not happen.  That blue channel line gets closer every day.  I think this is going to eventually break down to new lows.


No comments:


The information in this blog is provided for educational purposes only and is not to be construed as investment advice.