Strength in the USD continues to put pressure on Gold. Gold was knocked down today but it is not out.
The falling wedge breakout is still holding. The 21 EMA is still above the 55 EMA, but GLD did cross both today on good volume. The good news is that the 89 EMA is still holding and the major up trend is still well in tact. I would also like for you to compare the Jun - Sep period with Dec - present. Tell me what do you see?
Let's add some Fibinacci Fan Lines to the picture:
Note that GLD has only retraced 38.1% and how well the fan lines work. Let's compare GDX:
The Gold miners did better on the way up, but are faring worse on the way down - as usual. Overall, GDX has performed better since Jan 2009:
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