May 12, 2017

Gold: Holding On To Some Key Support

The last time I was talking I thought gold looked really good short-term on the chart,  I thought it looked like it was going to go up to 1300. Instead it went the opposite way, it went down towards 1200. Well it didn't get that low, it's just below 1220.

But you know it shows you that you know technical analysis doesn't always work. You know you're not just going to automatically get rich because you're looking at a chart. I thought the weak economic data would be a catalyst for gold. We got the weak economic data but gold went down anyway.

Now, it still looks like it's holding on to some key support. Gold is still doing well this year it's still beating the US stock market considerably this year as is just about every other market in the world I mean the out performance that I've been talking about so far this year between foreign develop markets and especially emerging markets is widening continuing to gain on the US market. (Market Vectors Gold Miners ETF (GDX), SPDR Gold Trust ETF (GLD), Market Vectors Junior Gold Miners ETF (GDXJ), Newmont Mining (NEM), Barrick Gold (ABX))

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