January 1 Gold Stock Chart
SOURCE: DERON WAGNER @ TRADINGMARKETS.COM
Although we are already showing a profit with our long position in the StreetTRACKS Gold Trust (GLD), the Market Vectors Gold Miners (GDX) is also setting up for a potential long entry. While GLD mirrors the price of the spot gold commodity, GDX is tied to the price movement of a basket of individual gold mining stocks. As you may recall, we bought GLD on December 19 when it corrected down to triple convergence of support of its primary uptrend line, 50-day MA, and 200-day MA. So far, its primary uptrend remains intact. The price of spot gold obviously affects the price of the mining stocks, but the two do not necessarily move in sync with one another all the time. GDX bounced off support of its 50-day MA two days ago, and closed yesterday right at resistance of its three-week downtrend line. If GDX rallies above yesterday's high, it should resume its primary uptrend that began with the low of October 5.
Although we are already showing a profit with our long position in the StreetTRACKS Gold Trust (GLD), the Market Vectors Gold Miners (GDX) is also setting up for a potential long entry. While GLD mirrors the price of the spot gold commodity, GDX is tied to the price movement of a basket of individual gold mining stocks. As you may recall, we bought GLD on December 19 when it corrected down to triple convergence of support of its primary uptrend line, 50-day MA, and 200-day MA. So far, its primary uptrend remains intact. The price of spot gold obviously affects the price of the mining stocks, but the two do not necessarily move in sync with one another all the time. GDX bounced off support of its 50-day MA two days ago, and closed yesterday right at resistance of its three-week downtrend line. If GDX rallies above yesterday's high, it should resume its primary uptrend that began with the low of October 5.
posted by Spelunca at 5:36 PM
1 Comments:
The Le_Meridian Funding Service went above and beyond their requirements to assist me with my loan which i used expand my pharmacy business,They were friendly, professional, and absolute gems to work with.I will recommend anyone looking for loan to contact. Email..lfdsloans@lemeridianfds.com Or lfdsloans@outlook.com.WhatsApp ... + 19893943740.
Post a Comment
<< Home