Monday, April 19, 2010

Bullish on Gold

  • GLD is still clearly in an uptrend.
  • MACD histogram slope is still positive
  • Force index 13 EMA is positive and at support
  • ADX is still indicating that the uptrend is still intact

  • GLD will run into GAP and overhead cloud resistance. The GAP will be key here.
  • The short term outlook is negative because Gold needs to shake off the smackdown and fight back here through GAP. 

  • The GDX:GLD ratio slope is rising - which is bullish for Gold

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