Even if you’re a Bitcoiner take a look at Gold here – May 13, 2021

by DAN
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GLD GDX 

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This is Scott with your Chart of the Day. I want to take a look at Gold ( NYSEARCA: GLD ). As much as I am a “Bitcoiner”, I will be honest, the current chart of Bitcoin is, putting it nicely, a little messy right now, it’s a little all over the place, it’s a little dramatic. And while that’s fine and Bitcoin is going to do what it’s going to do I think it’s worth taking a look at Gold ( NYSEARCA: GLD ) and some GDX ( NYSEARCA: GDX ) stocks.

This is GLD ( NYSEARCA: GLD ), it’s the SPDR of the Gold Trust ( NYSEARCA: GLD ) and I kind of like how it’s trading here. You can see how in March we hit a bottom and then later in March we hit a double bottom. Once we kind of established that low Gold ( NYSEARCA: GLD ) started to move to the upside.

These moving averages started to get into order where we have the fastest moving average, the orange one here on top. As it stands right now, this blue line, the 200-day moving average, is still kind of acting as a ceiling for GLD ( NYSEARCA: GLD ). That said, I think if it can get above and stay above this 200-day moving average Gold ( NYSEARCA: GLD ) could potentially be a value inflationary hedge.

As you may know, people are looking at Bitcoin as the hedge against inflation. Bitcoin has had a really good run and is currently consolidating but Gold ( NYSEARCA: GLD ) has already consolidated and is starting to turn to the upside.

As much as I, like I said, love Bitcoin I think it is worth taking a look at Gold ( NYSEARCA: GLD ) here and watch to see if it can get above and stay above that 200-day moving average. As it stands right now we have support right along the daily 8 exponential period moving average.

Let’s take a look at GDX ( NYSEARCA: GDX ). GDX ( NYSEARCA: GDX ) is, as you see, trying to get above its 200-day moving average so it’s a little ahead of the GLD ( NYSEARCA: GLD ) SPDR. So keep an eye on some gold stocks here and see if we can get above and stay above that 200-day moving average.

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