Finally, we have seen the obvious (what most people will now take note of) kickoff to a short-term correction in the precious metals. Depending on the fundamental picture, we can plan on taking advantage of a buying opportunity as we have been noting over last couple of weeks.
A subscriber requested a view of the GDX for his personal management. So I thought I would throw it up here as an update. Today is bounce day (at RSI support), but GDX has not even retraced 38% of the rally. The 62% retrace at 24+ is the favored target for a decent correction that would flush some bugs.
A brief update to note HUI is now approaching the resistance level of 245 to 250 that we have been noting.
A snapshot of the current daily chart technical status of several ETFs…
GLD is bullish but in the equivalent resistance zone as noted for gold in NFTRH 296. MACD and RSI positive, with RSI close to over bought. Key support is at the MA 50 and 200.
From Bloomberg:
“U.S. stocks retreated, with the Standard & Poor’s 500 Index falling a third day, as airline stocks tumbled after escalating violence in Iraq pushed oil prices higher while data on retail sales and jobs missed estimates.”
Key ETF charts are a snapshot to current technicals, not comprehensive technical analysis.
GLD bumped above the lower end of resistance yesterday and is support for any continuing S/T rally activity. The big test is in the 123 to 125 area and the nose of the former Symmetrical Triangle.
ETF daily charts are a snapshot of current technicals, not a comprehensive technical review.
GLD has lost support after spilling out of the Symmetrical Triangle. Last week it was at the 62% Fib retrace and this week that is in the rear view window. Still bearish.
ETF updates are meant as a snapshot of the current technical situation, not a comprehensive technical review.
ETF updates are a snapshot of current daily technicals, not a comprehensive technical review.
Note: To keep unwanted clutter out of the in-boxes of those not interested in trade ideas NFTRH+ updates are no longer being emailed. They are posted at the site and accessible using the password for the current week. On Monday an NFTRH+ idea was presented for the NDX.
A reminder that below is a snapshot of current ETF status, not a comprehensive technical review.
GDX held neckline support after spiking below the bear flag’s origin point and is filling the downside gap off of the bear flag breakdown. If this rebound is more than a fleeting thing it will get through the SMA 200 (red) and eventually make a higher high above the early April bear flag top.
A reminder that ETF charts are more a snapshot to current status than comprehensive TA. Also, to save time the MACD (which is usually noted as green (positive) or red (negative) will be colored blue in ETF updates going forward. The relevant point to the color coding is whether MACD is above or below zero. Also, RSI is added and the charts have a new format.
GLD broke down from an unimpressive short term uptrend (low relative ‘up’ volume), keeping the long anticipated support zone in play. That support zone is quite important. GLD is neutral-bearish, but with a potentially bullish pattern.
Key ETFs offer a technical snapshot each week, but are not comprehensive technical analysis.
GLD is right at the resistance we noted last week. The chart is neutral and would become positive with a rise above resistance (and the moving averages) and a MACD up trigger. Obviously, a failure here would put a bear signal on.