What’s with the Gold Bears? – Technically Speaking w/ Jim Wyckoff (GLD, SLV, GDX)
Bears in the gold market: we’re discussing what all the fuss is about in today’s “Technically Speaking”. According to Jim Wyckoff, there are a few particular situations underpinning the bearish proclamations we’ve seen recently in the media. High on the list is the U.N.’s proposed resolution to the U.S.-Iran nuclear stand-off; together with lower market volatility, improvement in sentiment over the E.U. sovereign debt crisis, and improved economic data, we saw a slight downturn, with the low-volatility environment attracting assets away from the gold market. Wyckoff, however, urges bulls to consider how long these few, currently-bearish situations will remain static; a change or escalation in any of them would be bullish for gold. Furthermore, Wyckoff notes that we’re still in the middle of an 11 year-old uptrend in the gold market, and therefore it’s always relevant to your position: if you’ve entered the market near-term, or went long within the last few weeks, you may be feeling like you’re taking a hit; but if you’ve been buying and holding gold for several years, you haven’t really seen a major pullback. That said, Wyckoff’s market rating for both gold and silver are a 4/10 this week, due to the fact that both are in a 5-week downtrend on the daily chart. Kitco News, April 10, 2012.
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