GOLDBUGS AMEX Goldbugs Index (GOLD)

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GOLD Update
By Erin Heim | May 9, 2017

GOLD: As of 2/3/2016 Gold is on an Intermediate-Term Trend Model BUY signal. The Long-Term Trend Model, which informs our long-term outlook, is on a BUY signal as of 4/11/2017, so our long-term posture is bullish.

I believe that the correction in Gold is about to finish. Unfortunately indicators aren't completely supporting this hypothesis. The PMO has now entered negative territory (always bearish) and the OBV is confirming this decline. However...strong support is nearing at 1200 for Gold and 115 for GLD. This is a good place to find support, but seeing the nearby negative 20/50-EMA crossover (ITTM Neutral signal) AND knowing that the Dollar is finally poised to rally, I have serious concerns. That little voice in the back of my head keeps whispering, "Look at your indicators. Believe in your indicators." I don't know, sometimes you go with your gut. My job of course, is to give you solid analysis and while I believe Gold will find support, the indicator evidence is not supporting it.



http://stockcharts.com/articles/decisionpoint/2017/05/dp-alert-indicators-mixed-but-leaning-bullish---record-lows-for-vix.html

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