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

Monday, March 17, 2014

GLD and GDX 3/17

Not sure if this is important or not.  Check out the daily charts of these ETFs.

Both these ETFs turned down today on a considerable increase in volume.  Since they are still technically in a bear market long positions should be monitored closely.  This may be nothing, but then again it could be something.  The crashes these ETFs had last year lend themselves to high volatility.  Although many people are coming out and saying gold has bottomed, nobody knows for sure.  The current pattern seems a bit too obvious to me for a major bottom.  I think there will be more ups and downs first.

I don't know what is going to happen here.  Neither of these ETFs have done enough to reverse the down trend.  This could be nothing more then an over sold bounce that ends up going even lower then they have been.  However, there is still room above to continue the rally.  If today started a pullback I would guess a trip to the 50 SMA might be in the cards.  That might provide a good place to buy.

Over the last few months gold has had sizable reactions to FED meetings.  There might be some volatility around the next announcement on Wed.  Be careful.


No comments:


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