The stock market is taking the bounce right at its do-or-die point, which was to maintain the December lows. Gold is taking the counter to that trade and getting clobbered.
GLD remains on a bull signal.
A partial ETF update beginning with GLD, which remains above the support parameters and on its bull signal.
GLD remains on a bull signal with MACD above 0 and the price above supportive 50 day moving averages.
GLD is neutral and on the cusp of a bull signal if support holds and the MA 50’s are exceeded.
There is talk of economic growth and ‘taper’ in the air and the precious metals are with that script this morning and declining. As reviewed in this week’s report, gold and silver were still below important resistance and today looks like they will go further below it if pre-market is any indication. We also noted that the gold stocks had done the best work last … Continue reading NFTRH Update, HUI Daily Chart Parameters
A low priority update for gold stock traders/investors.
In light of market moving events (Goldman’s ‘stocks are over valued’ Monday, JPM’s ‘PC’s are on a comeback, good for semiconductors’ Tuesday and this morning’s entry from the World Bank ‘Global growth to pick up in 2014, led by US’) in the media, we tighten up the ETF focus a bit.
I [they] Learned to Stop Worrying and Love the Bomb [Market] paraphrasing Stanley Kubrick’s great cold war/nuclear paranoia film Dr. Strangelove (1964).
The USA thrived during a 20th century rife with war, famine and depression. This was a wealthy country however, founded on principles of self-reliance and valuing thrift, saving and honest work for an honest return. Add in unparalleled productivity and economically at least, the positives more than outpaced the negatives.
This week we add the long-term T bond (TLT) and crude oil (USO) ETFs due to their strategic value within our fundamental analysis.
GDX got a boost as the US stock market sagged. That is more like what we are looking for in the precious metals. Today GDX is trying to take the 50 day averages. Here is the view of this important parameter.
On Friday stocks went up, commodities went up… gold went up, with the weak ‘jobs’ report. All of this presumably because the Fed could decide to back off tapering QE because of the bad report.
Folks, today’s bad employment number is but one sample and it will probably take a trend to confirm anything about a softening economy. But with T bonds rising hard today and their yield spreads lurching in a gold positive direction, we continue the recent mini trend of improving fundamentals for the gold sector. Remember, gold is counter cyclical. On that note…
Another quick review for gold stock traders and investors… HUI has continued to decline in normal fashion. The gap was filled yesterday as expected and now 195 should hold on a closing basis or the mini correction becomes abnormal. 191.44 would then be a key to a failure of the short term bottom attempt. The employment report due out at 8:30 (US Eastern) will likely … Continue reading NFTRH Update, HUI daily technical status