An educational blog which supplements subscriber service
Chart Patterns are nothing but Footprints of the Greenbacks.
Wednesday, December 14, 2011
Metals trying to hold support
Gold ($GLD), silver ($SLV), and our favorite junior miner ETF ($GDXJ) all are attempting to find footing (bouncing intraday before the market) today as they hit major levels of support. If these levels crater then it would be a major blow for reversion-to-mean strategies that have worked well so far this year.
Major weekly level on GDXJ
SLV bounce near 100 SMA on weekly
GLD first touch of 50SMA on weekly since 2009
Even if you aren’t interested in trading these keep an eye on them as a greater market tell.