Gold Mania
Courtesy of Allan
This gold mania reminds me of the tech mania of the late 1990’s that culminated in the great tech bubble top of 2000. As you may recall, that ended very badly. This time around, there are our trend models, so let’s have a look at GLD:
GLD Hourly Trend Model
GLD Daily Trend Model
It’s the Daily Model that is the key here. Sitting right on the trend line, either it finds support or knives through for a SELL Signal. The hourly model above is suggesting the latter.
GLL is the double short ETF for gold and as shown on the chart below, has just reversed LONG:
GLL Daily Trend Model
Bottom line, there are reasons to be cautious on gold right now, but unless and until the Daily GLD Model reverses SHORT, the intermediate uptrend is still intact.
Past performance is not a guarantee of future results.
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