Both GLD and SLV look as if they will trade enough volume in today's trade to qualify for pocket pivots. GLD needs to trade 17,367,400 shares and SLV needs 31,596,900 shares to qualify.
As we have said on various shows, with all the quantitative easing going on in the US, UK, and Europe, precious metals should find their footing then move higher.The question is how long the current basing period will last before they continue their long term uptrends. Some members may elect to wait for further constructive price/volume action before buying. Others may elect to pyramid into GLD or SLV slowly, letting each ETF prove itself on a price basis before adding more to their position. Also keep in mind that GLD is still trading under its 50-day moving average and silver under its 200-day moving average.
Note, the uptrend in gold began in 2001, so its long term uptrend is now in its 11th year.
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. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.