The technical data is pointing to a sustained rally that could take gold to all-time highs within the next few months. MoneyShow’s Tom Aspray analyzes four top metals ETFs to find the best ones for near-term buying.
The early release of Google’s (GOOG) earnings smacked the Nasdaq-100, as the Powershares QQQ Trust (QQQ) lost over 1%. Overall, the broad market held up pretty well, though disappointing numbers from Microsoft (MSFT) and Chipotle Mexican Grill (CMG) after the close may add some additional selling pressure.
This does not change Thursday’s analysis (Bulls Will Charge Before Elections), where I concluded prices are likely to break out to the upside in the next week. But what does that mean for gold? The Spyder Gold Trust (GLD) is down over 3% from the October 4 highs.
Five days before the recent highs, I cautioned that the rampant increase in bullish sentiment had increased the risk of buying gold at current levels. The short-term sell signals a week ago indicated a further decline was likely, and that a better buying opportunity would come at lower levels
Now that gold and silver have corrected further, the technical outlook suggests that we should see an end to the correction in the next few weeks. So it is important to have a buying strategy in place. . .View Full Article