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Thursday, April 23, 2015

Gold and miners status report


Some charts.



Gold:


Well, is the chart rolling over? If you keep it simple, yes it's rolling over, and you should get the hell out.

But wait: is it rolling over ex-US, or only in US dollar?



Yup, it's not so bad ex-US, but it has still lost its short-term EMA and is now threatening to drop below the SMA(50).

However, before you make a decision based on the above charts, you have to ponder the following:

1. the drift down has happened on low GLD volume, other than yesterday.
2. Yesterday's gold collapse was mostly a bullshit 10:00:00 AM dump on some really stupid meaningless data.
3. GLD is retesting a minor end-of-March pivot, and is only barely below its own SMA(50).
4. There's still asshats clamouring for a final puke to $1050, and the problem is that every last one of them is ready to buy when it hits that price... so it's not going to hit that price.
5. Even if it did, Indian gold buying season is right around the corner.

So gold could still puke its lungs out, but I'm thinking this is bullshit and so I haven't dumped anything just yet.

Also, lookie this:



It's relevant because I don't own gold, I own miners. And they are looking slightly stronger than gold.

So I think I'll hold on. At least until the GDX chart gets wrecked.


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