Monday, January 13, 2014
GLD and GDX break above the SMA(50) while Felix Sweatervest and Barry Ritholtz chatter amongst themselves
Here are two charts:
Gold just peeked its little head up over the SMA(50). Isn't that cute!
The senior miners just peeked over their own SMA(50).
Of course this has all happened before and ended in tears.
But this time, every single "analyst" is calling for lower gold prices, even every goldbug is hedging their bets and trying to sound realistic, and even Felix Sweatervest has begun to care about gold; meanwhile, India's about to cut import restrictions, Modi's about to put up a good fight in the spring elections, and China's supposedly added 622 tons of gold to their reserve.
So let's just wait and see if it all gets sold back down. Cuz it should right now. If nothing else, there's supposed overhead resistance and stuff.