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.
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.
GLD is on a daily bear signal below the MA 50’s and MACD going red. At a potential S/T support area.
Putting aside the pre-market drop in precious metals, we’ll review the charts as they stood at yesterday’s close.
GLD is neutral, with a bull signal to be determined by MACD going green and the price remaining at or above the 50 day MA’s.
