Gold (GLD) was down hard today. This move was particularly important as GLD broke through support. Through the last eight months, GLD did not outperform the $SPX. The big push to new three-month lows does not suggest any strength showing up yet. Investors probably have some time, probably 2-3 weeks to look for gold names.
I will be talking about the Canadian Market on the Canadian Technician Webinar 2016-10-04. You can join me at 5 ET. If you can't catch the show live, please check this link for the recordings. StockCharts Webinar Archives.
Good trading,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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