Monday, April 14, 2014
Time to be bullish gold again? Some charts
Well, here's gold:
My basic criterion for being bullish anything is, is the thing in an uptrend? Gold here is above its EMA(16) and MACD is up, so that's bullish, no? Then again the volume kinda stinks.
But then I tend to dither by looking at gold-related charts for confirmation. So here goes:
Silver still sucks.
GDX tried to break over the EMA towards the SMA(50), got pushed back, and is trying for a second push up. Dunno, it's inconclusive. It'd be nice to see this in an uptrend above the SMA(50).
And the juniors look weaker than that.
The problem to me is that this whole Ukraine situation is clouding the market. I also don't like how the GLD and SLV volumes have been so wimpy.
I'm also not positive on gold due to the whole Indian election thing. Frankly, if Modi wins handily, it's all overvalued, and if he gets a weak minority it's even more overvalued. Then there's also the impending Indian drought this year, if the El Nino predictions hold.
So I'll want to see sexier uptrends before I dive back into this. I'm not interested in a crappy buy point.