This past week in gold
Posted May 21, 2012
GLD – on sell signal.
SLV – on sell signal.
GDX – on sell signal.
XGD.TO – on sell signal.
CEF – on sell signal.
Long term readers may recall this chart of support and resistance from years past.
Gold stocks are now at major support and a counter trend rally can begin anytime, which is tradable if risks are manageable.
Long term – on major sell signal.
Short term – on sell signals.
Both long and short term on sell signals and cycle is down but at levels of previous bottoms. A multi week corrective rally can start anytime and tradable if risks are manageable.
do not offer predictions or forecasts for the markets. What you
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therefore, this update may not reflect our current positions
in the markets. Trade at your own discretion.
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End of update
May 19, 2012