GLD and GDX 3/2

Both GLD and GDX have had great runs since I wrote about great looking bear market ending bottoms in these ETFs in GLD and GDX 1/26.  Lets see where things stand now with the monthly charts.

GLD closed above its 20 SMA on a big surge in volume.  That looks pretty good to me.  How about GDX.

GDX also closed above its 20 SMA on a surge in volume.

This is the first time since gold broke down in early 2013 that both closed above their monthly 20 SMAs.  This opens the door to a gold bull market.  As I said in the Jan. post a bull market here does not necessarily mean GLD will make new highs.  GLD could easily rally a year or more and simply retrace part of the losses.  We still need to see some consolidation/pullback to form a higher low.  It would be great if these ETFs could do that and stay above their 200 DMAs.

I have seen some articles on gold, but nothing like I used to see every other time it rallied for a few weeks the last few years.  Everything looks good to me so far.

Bob