Thursday, July 24, 2014
GLD and GDXJ charts
GDXJ has lost the short-term EMA. Now it either falls to the -2SD line, or it falls to the SMA(50), or worse. Or not.
GLD is still above the SMA(50), but I wouldn't like to be there if it loses the SMA.
Although most of this is probably just due to OpEx on Friday, so I remain unconvinced.
Then again, if the monsoon is going to fail this year, say goodbye the gold buying season and strong seasonality. Cos that's what happened the last time the monsoon failed.
Then again then again, every June-Sep gold pop has included a good hard retrace right in the middle.