Wednesday, July 16, 2014
Morning goldbug chart delivery
So what now? I got no answers for you, only more questions:
GLD is below its short-term EMA, so it's in a downtrend by definition. Big selling volume the past two days. Only the people who bought below the gap are still showing a profit. MACD is broken too. And if you go look at the three line break chart, gold is broken there too. But oh look, you say, it's at its SMA(50), so won't that provide support?
Well SLV is also below its EMA, and it's in no-man's land with a long way to drop. So if silver is a hint for gold, maybe we can expect more doom.
GDXJ is also below its short-term EMA, in no-man's land, with two big selling days, so I don't give a crap about the support cluster at $40-$43.
Copper still looks positive for now. Will it also break down? Does copper correlate at all with silver and gold?
And does anything at all depend on the Indian monsoon, Chinese physical demand, or summer gold seasonality?
By the way, they're still killing each other in the Donbas. But apparently that stopped having an effect on the gold price.