A snapshot of the current technical status of several key markets (a lot of charts today because macro changes seem to be in effect)…
GLD broke down from the Sym-Tri (strike 1), lost the June low (strike 2) and now would try to find support at the December low, equiv. to gold 1180. Over sold, prone to bounce but technically bearish below 120 and 123.
A snapshot of current technicals for key markets…
GLD became very bearish with the breakdown from 124. A rise above 123 is needed to even begin to repair this chart.
A snapshot of the current technical status of key ETFs…
GLD filled gap, which now closes out the geopolitical hype and leaves gold on its own right at key support. Still not a constructive looking chart. A rise above the SMA 200 and then the 50 makes it constructive.
Well, Au-Euro is breaking down in that the GLD-FXE ratio is dropping through the lower Triangle line today and the supportive EMA 40. Of more importance is the EMA 60, which needs to hold or else gold is breaking down for real in euros. Hey, I just do the charts and interpret what they say. [edit: Chart edited to show another triangle bottom w/ the black dotted line. But again, the moving averages are more important and the weekly EMA 60 would have to be broken to reach the dotted line]