GLD_Breakout_12_Jan_2015

Gold Breaks Above Its 6 Month Downtrend Line

(Gold Silver Worlds)

As reported by www.ChartAnalyst.expert in their last metals update “Gold Breaks Through Its Technical Trend Line,” there is a clear break out in gold and the miners (courtesy of StockCharts.com).

The Gold Tracking ETF GLD finally broke above a downtrend line today. The first chart shows that gold broke above the 6 month downtrend line. However, it is still trying to break above the red trend line which would mark a breakout above a basing area for GLD. On ChartAnalyst.expert, there is a technical view on the daily chart, but we prefer to take a look at the weekly chart. We can see it broke through support/resistance around 115. Now it has been able to base in this area and turn higher.

GLD_Breakout_12_Jan_2015

It looks really promising for the gold stocks here but we are still early in a trend breakout. Here is a look at the miners in Canada. That breakout is really nice but as XGD is right at the 200 DMA, a pause might give an excellent entry opportunity.

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