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"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.