Thursday, July 10, 2014

GLD charts, daily and weekly

Here's the GLD daily candles:

Today's candle is a breakout above a couple weeks of consolidation, where the short EMA was never violated, and MACD faked you out with the threat of a crossover. That looks good, though I'd want to see a volume spike this week. Oh well.

Here's the weekly candles for a bigger picture:

This week's candle is nice because it's also popping up above the short weekly EMA, and its longer SMA as well. Gold's MACD is still very neutral. It's only +1SD right now too.

Hey, and it's also printed 6 white candles in a row, the first one bouncing off the -2SD line.

So heck, this weekly chart doesn't scare me either.

Then again, this might all be down to positive summer seasonality for gold.

Then again then again, that seasonality should last through to August, assuming the monsoon picks up.

So in sum, despite the (relatively) strong move already in gold and the juniors, this move doesn't look used-up at all.

Now, the weekly chart shows a bullshit "inverse head and shoulders", which isn't because the volume is all wrong and the neckline is too crooked. However, if this upmove has all been down to Wall Street Whitey playing TA games, then I guess we'll see GLD finally stop at the weekly's "inverse neckline", which would be around $132 and would coincide with the +2SD line on the Bollinger.

We'll see. I'm curious and have my eyes open.

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