GLD is on a strong bull signal, but getting over bought as it heads toward the equivalent of gold 1340, our short term target. Over bought is seen in distance from EMA’s 10 and 20. A pullback would be normal.
GLD climbed above lateral resistance yesterday and moved above the trend line. It is on a bull signal by all data points. The pattern measures to 129 assuming the green line holds as support.
GLD is on a weak bull signal. It must get above the downtrend line or risk fading to neutral or bearish.
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.
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.
This week we add the long-term T bond (TLT) and crude oil (USO) ETFs due to their strategic value within our fundamental analysis.
Given a potential bottoming in the Uranium sector, the Uranium ETF URA is added to the Key ETF updates.
GLD continues its death struggle with the neckline, is in a downtrend and remains on a bear signal.
GLD is on a bear signal just above critical support. A loss of support in the 120 to 121 area would target roughly 105, based simply on the pattern’s measurement.
