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Gold Futures Show Pocket Pivot

Going into the close today we note that the nearest gold futures contract, symbol GC #F on eSignal, flashed a pocket pivot buy point yesterday with volume that was higher than any down-volume day in the prior 10 trading days, which meets the definition of a pocket pivot volume signature as gold comes up through its 50-day moving average. This moves comes after a short consolidation right under the 50-day simple moving average, as shown on the chart below. We note that there is no corresponding pocket pivot on the Gold Trust (GLD) ETF. However, the mid-range close on the GLD three days ago before it gapped up above its own 50-day simple moving average looks constructive.

Below is the chart of the GLD, and you can see the mid-range close on Wednesday of this past week where the stock found support at the 10-day (pink) and 20-day (green) moving averages before gapping above the 50-day moving average:

Does this create a playable buy point for the GLD? We tend to think so, using the 50-day moving average as your guide for a stop. At the very least, this bears watching as the Fed administers QE2.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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