Friday, April 5, 2013

Precious Metals Follow Up- GLD

Yesterday I posted an update on Precious Metals, it wasn't just an update but a couple of leveraged ETF long positions that I liked...

"I think I'd prefer to buy these (the stocks) in a leveraged ETF like UGL or DGP(gold leveraged 2x) and silver AGQ- 2x leveraged."

Both positions are up today... GLD seems to have more initial 3C momentum, but I think Silver is going to catch up fast.

Here's the GLD updated charts. I think there's a little profit taking in to this last parabolic intraday run, but since these are equity positions, I'm not as concerned with consolidations or pullbacks as the longer term charts look like these are just getting started.

 GLD 3 min was very positive yesterday at the lows, it's up today and has good confirmation on the move on this chart.

 The 5 min chart either hasn't caught up (as it hasn't turned down confirming a small negative divergence) os is seeing some profit taking in to this last run higher.

 The 10 min chart is in excellent shape, it was very positive yesterday and is even more so today so even if there were an intraday pullback on profit taking, so long as charts like this hold up, it looks like GLD is just starting its move higher.

 The 15 min chart is another excellent example of a chart suggesting GLD is just getting started.

 As is the 30 min, this is a fast and sharp positive divergence on such a long timeframe.

 So far the intraday chart is in line with price so I'll have to wait and see if any signals confirm short term profit taking (from the 5 min chart), but either way, it wouldn't change my positioning long Gold and this is why I didn't want to use options, to allow for pullbacks and consolidations.

The 3 min chart is in line as well so I can't confirm short term profit taking, but again, it wouldn't change the long positioning as the longer, more important charts are extremely bullish.

I'll update SLV ASAP

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