Let’s revisit Gold! $GDX $GLD – April 25, 2024
This is Scott at StockMarketMentor.com with your Chart of the Day. I want to take a look, again, at Gold ( NYSEARCA: GLD ). This is the GLD SPDR ( NYSEARCA: GLD ).
On Tuesday I mentioned, in the Free Chart of the Day, that I didn’t really think it was time to buy Gold ( NYSEARCA: GLD ). And I still think right here right now, it could be a bit early. Looking at GLD ( NYSEARCA: GLD ) we can see it is finding support in and around that 21-day exponential period moving average.
Unfortunately today it was unable to even make a higher high. It couldn’t get above that 8-day exponential period moving average, that’s the orange line right here on the chart. So gold, the asset, is still in consolidation, but the Gold Miners ( NYSEARCA: GDX ) are actually looking great.
Let’s take a look at GDX ( NYSEARCA: GDX ). This is GDX ( NYSEARCA: GDX ) and we had a monster in Gold Miners ( NYSEARCA: GDX ) today, coming on higher than average volume. Now, we are still battling against that candle that I pointed out here the other day, but today’s volume is pretty promising.
We’re actually seeing a bunch of different miners start to break out, including ones like AEM ( NYSE: AEM ), NEM ( NYSE: NEM ), and Barrick Gold ( NYSE: GOLD ), with a nice move here today on good volume to round them out. There is a handful of miners, though some of them do have earnings, that are performing really well right here. I definitely think that these could be buyable on pullbacks to these key moving averages.
As I said, I was pretty bearish on Gold ( NYSEARCA: GLD ) here on Tuesday just because we had such a sharp move to the downside. But at least right here right now, it has reverted back to the upside, and I think you could probably get a little of this close to that 8-day exponential period moving average If we do see some sideways price action.
I really just want to see this thing tighten up a bit and give us a nice base of consolidation. And then you can draw a little line here and then look for that strong breakout there. So ideally, we get some consolidation, but even if it’s able to pull back to that 8-day exponential, I like some of the moves today in the gold miners. So I would definitely watch the gold miners over GLD ( NYSEARCA: GLD ) the asset.
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