After jogging sideways for weeks, Gold (GLD) finally appears ready to start running. With the Thursday and Friday candles, it is pushing to higher highs again!
One of the things we like to see is when the gold miners (GDX) outperform the gold stocks. Gold stocks formed a tight flag recently and broke out Friday.
As I mentioned, we want the gold names to outperform the actual bullion. This is shown by using a ratio between them. When this line is rising, it is usually a great time to be invested in gold names.
For more trading ideas around Gold, Dwight Galusha, CMT is working with me on GregSchnell.com to post trade ideas! Dwight has been pointing out nice gold setups day after day, and he also posted some ideas on the Your Daily Five StockCharts TV series. Here is the link to that video:
Dwight Galusha, CMT - Your Daily Five
With the launch of the new website, the new postings by Dwight in our daily setups and the macro view by Greg Schnell, we are excited to offer a special to introduce the new offerings on GregSchnell.com. If you follow this link and select the annual membership, you can save $363. Your link to big savings!
Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies
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