Gold GLD Outperforming Gold Mining Stocks GDX
Commodities / Gold and Silver 2010 Feb 25, 2010 - 12:16 PM GMTBy: Mike_Paulenoff
Gold -- the SPDR Gold Shares (NYSE: GLD) and the Market Vectors Gold Miners ETF (NYSE: GDX) -- have turned positive this morning, in the aftermath of intense selling pressure earlier in the session. This is a sign of meaningful relative strength in the sector, but the day is young yet.
Looking at the GDX chart, today's spike low at 41.35 followed by a powerful upmove to 42.50 -- where it continues to sustain since the opening few minutes -- has the look and the feel of the completion of the correction from the 2/18 high at 45.56. With that in mind, I am looking for confirmation of today's low upon an upside penetration of 43.05
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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