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I am watching GLD closely: Here we have money flowing into GLD (blue bars). Turn up of daily stoch against the declining weekly stoch. It's a wait and see. A divergence on the chart.
Gold's weekly chart is currently in Stage 3B and this week it has reversed back lower after testing the 30 week MA. The three and half year trend line is very close and a close below that would signal a short term sell signal imo.
The daily chart shows the retest of the 200 day MA this week. However after pushing above it briefly to try to retest 1700, it rolled over and is testing the lower levels again.
Other indicators are adding to the negative evidence as well with 30 week MA, cumulative volume and relative performance versus the S&P 500 all moving lower. Cumulative volume is also diverging from the price action with money leaving gold quicker than the price action is falling.
So we are at a critical point for Gold imo, as if it can't recover strongly back above the 200 day MA then the lower zone of the Stage 3 range could be tested which is why I'm short Gold personally at the moment as the price action seems to suggest it will. But that's just my trade position which might be wrong, so I have a stop at 1722.31 if I am.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
GLD trying to bottom? see if price can get above the 25 SMA (all SMAs) while the weekly stoch turns up and breaks out of the OS zone with a favorable daily stoch
Rolling over? Or will we get a bounce? It's a critical point for the precious metals which still look weak imo. Some buyers need to step in this week or they could collapse as Gold is struggling to get back above it's 200 day MA and is lingering around it's 3 and half year trend line.
"Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill" – Reminiscences of a Stock Operator.
I am looking to open a position in NEM. So I am watching this chart waiting for a turn. The Stochastics are on bottom. Maybe, need to wait for the Fed to announce QE3 for a new trend.
