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Monday, July 1, 2013

GLD and GDX 7/1

Hmm, signs of life in the bulls?  Here is the daily GLD chart.

That was a pretty strong about face today.  Is that a sign the bulls are ready to force the shorts to cover?  This thing is so stretched to the down side it could V bottom out of here.  If there is any upside follow through this week we could have a trading low in place.

GDX really screamed on Friday.  Here is the daily chart.

That certainly looks like a potential short squeeze to me.  All we need now is some follow through this week. 

This is the first time the bulls look serious to me.  These charts are so stretched they could rebound sharply.  As I have stated previously we are in a gold bear market and I cannot prognosticate long term here.  If we get a bounce I view it as a trading bounce.  I believe sellers will return at some point at higher prices.


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