"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10

Thursday, August 2, 2012

Gold vs. stock market updated

GLD is still fanning along vs. SPY.  MACD and TRIX are triggered up but still below zero.  The 50 day moving averages are resisting.  Notably, there is bullish divergence by MACD and RSI.  Gold is still on course to enter a new bullish phase vs. the stock market when this consolidation ends.


















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at 8/02/2012 12:45:00 PM
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1 comment:

  1. GLD has morphed from a pennant to an ascending triangle. I would definitely NOT want to be a USD bull right now.

    Your wash, rinse and repeat cycle is resetting. Bonds bottom along with extreme sentiment, check. USD top along with extreme sentiment, check. GLD bottom along with extreme sentiment, check. SLV relative to GLD turning up. The other metals (palladium, platinum, copper) appear to be sitting at major support.

    The one thing I don't like is the pesky low VIX but I have a feeling that is what is providing the wall of worry that is needed.

    ReplyDelete

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