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The ETF Landing Zone: Gold and Silver 12 Oct

GLD (Gold ETF)

Big Picture:  A potential trend reversal could be developing in Gold.   Weekly chart (see graph)shows an 8 week old range-bound low base (112.25 to 114) that broke above two resistance levels Thursday and is currently challenging resistance at 115.78.   Chart shows a bullish cross in the SMIs, decreasing bearish columns on the MACD, and strong volume on the uptick.

Going Forward:  Pullbacks to a lower high should present optimum bull entry opportunities.  See Daily chart– Note bullish signals on MACD and SMIs.  Also, if stock indices continue lower, this could provide bullish sentiment for Gold and Silver traders.

SLV (Silver ETF)

Big Picture:  Silver is also showing potential bounce action off a low base.  Weekly chart shows a bullish cross on SMI’s, decreasing bearish columns on MACD, and slight upward slope on adaptive moving average (blue).  Like GLD, the price currently sits near the lower Bollinger Bands and Keltner Channels.

Going Forward: Daily chart shows that price has breached a resistance level at 13.74, pulled back to a lower low and now sits just below that same resistance level.  Similar to GLD, momentum indicators have turned slightly bullish.  Note the adaptive MA (blue) has crossed above the midline of the Bollinger Bands and Keltner Channels (single yellow line).  Current price looks very promising for bullish entry.

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