Friday, May 20, 2011

Gold Breaks out over Trend on high volume!

Goombarh Flash 26,  May 20th, 2011
Something's up folks...GLD ETF is recovering and is up above trend line on strong volume, see following chart:
Note the double bottoms, and the higher volume on push upwards.  Also GLD is now above my drawn white trend line. 

GLD is leading the GDX and HUI this morning, as the SPX is down.  Gold equities need a good general market to move higher.

For myself, I am holding  Goldcorp warrants that I hope to exit from next week. 

Also, May 25th next week is gold options expiry so expect volatility.

Until next time,
Marco G.

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