Here are some charts I’m watching. Take a look and see if you agree with my assessment …
Looking at th chart of the GDX, you can see that it is pulling back rather sharply, and its pullback may not be over yet. On the bright side, there is plenty of support coming up. I’d use that support as potential buying opportunities.
Next, an update of the chart of gold from my video this week …
You can see that unlike gold mining stocks, gold itself is holding up well. I expect it to test its uptrend by the middle of this month, but it may just take off. Naturally, an upside breakout in gold would take the stocks along with it.
Here is an index that plenty of people watch — the Baltic Dry Index.
It sure looks like the Baltic Dry Index, which tracks shipping rates, is ready to turn up. That would be a bullish indicator for the global economy.
Today, Brazil bagged the 2016 Olympics. Let’s look at the main Brazilian stock index …
Brazil’s Bovespa is already outperforming the S&P 500. We’ll see if the excitement over the games translates to even more outperformance.
And last, but not least, the Market Vectors Agribusiness ETF, or MOO …
We’ll need Monday for confirmation, but MOO may be trying to put in a hammer bottoming formation. It is oversold, adding more potentiality to this pattern. We’ll see what happens Monday.
Have a good weekend, and I’ll talk to you again on Monday.
Related Posts
- Transcript for Today’s Video: Opportunity in Gold Miners (11/03/09)
- Gold Miners Are Outperforming Broad Markets AND Gold (11/10/09)
- 3 Charts for Santa — The Dollar, Oil and Gold (12/21/09)
- 3 Charts on Gold and Oil (10/19/09)
- Update on Gold Charts for Today’s Video (04/28/09)
{ 2 comments… read them below or add one }
Sean
Two weeks ago 93% bulls GLD & SLV?????
Many times the last few weeks 4-5 ads an hour on FOX Business——- Gold ads.
Every character you can think of in these ads. “That’s the feel of GOLD”
As bullish as I have been on Gold I find it hard to believe 93% of us are correct!!!!!!!!!!!!!!!!!!!!!!!!!
GLD & SLV have exploded in number of shares?????????????????????
SLV is clearly down 5 waves last week. My ultimate target below $9. $17.70 stop.
So if I am correct where does that take GLD???? According to the Long Term cycles, You can not
read a darn thing into the cycle—– since neither follows or in my opinion follows any cycle. I am sure someone will say I can read that cycle????????????
Right or wrong I can not bet on SLV or GLD at the moment until Mr. Market tears apart the bulls.
300% to 1,500% is enough….
Sean,
I think you can add another support line in your GDX chart.
Roel.